CAPITAL MARKETS AND DEMOCRACY
Identifieur interne : 002666 ( Main/Exploration ); précédent : 002665; suivant : 002667CAPITAL MARKETS AND DEMOCRACY
Auteurs : Reuven Brenner [Mexique]Source :
- Journal of Applied Corporate Finance [ 1078-1196 ] ; 1999-01.
Abstract
Many countries have democracy's forms, but without capitalism's content. Instituting the right to vote while keeping capital markets closed is a prescription for stagnation and preservation of the status quo. It raises hopes but does not bring prosperity. Instead, it perpetuates a powerful elite, creates the seeds for political turmoil, and thus brings democracy itself into disrepute. Whether a democracy succeeds is said to depend on its system of checks and balances—that is, on the effectiveness of its mechanism for correcting mistaken policies. For example, extending the vote could be inimical to prosperity if there are no rules and institutions that serve to constrain government spending. Among the most important of these institutions are open and well‐functioning capital markets. In case after case, the liberalization of financial markets has been accompanied by impressive economic growth and higher standards of living—even in countries that we would not recognize as democracies. Indeed, as the example of Hong Kong suggests, the establishment of open capital markets is not only by itself a fairly reliable prescription for prosperity—but more free and democratic institutions are likely to follow as a consequence.
Url:
DOI: 10.1111/j.1745-6622.1999.tb00515.x
Affiliations:
Links toward previous steps (curation, corpus...)
- to stream Istex, to step Corpus: 000C60
- to stream Istex, to step Curation: 000C60
- to stream Istex, to step Checkpoint: 000C68
- to stream Main, to step Merge: 002777
- to stream Main, to step Curation: 002666
Le document en format XML
<record><TEI wicri:istexFullTextTei="biblStruct"><teiHeader><fileDesc><titleStmt><title xml:lang="en">CAPITAL MARKETS AND DEMOCRACY</title><author><name sortKey="Brenner, Reuven" sort="Brenner, Reuven" uniqKey="Brenner R" first="Reuven" last="Brenner">Reuven Brenner</name></author></titleStmt><publicationStmt><idno type="wicri:source">ISTEX</idno><idno type="RBID">ISTEX:9D610AF1AD6A605F40306F32D046F68ED558688E</idno><date when="1999" year="1999">1999</date><idno type="doi">10.1111/j.1745-6622.1999.tb00515.x</idno><idno type="url">https://api.istex.fr/document/9D610AF1AD6A605F40306F32D046F68ED558688E/fulltext/pdf</idno><idno type="wicri:Area/Istex/Corpus">000C60</idno><idno type="wicri:Area/Istex/Curation">000C60</idno><idno type="wicri:Area/Istex/Checkpoint">000C68</idno><idno type="wicri:doubleKey">1078-1196:1999:Brenner R:capital:markets:and</idno><idno type="wicri:Area/Main/Merge">002777</idno><idno type="wicri:Area/Main/Curation">002666</idno><idno type="wicri:Area/Main/Exploration">002666</idno></publicationStmt><sourceDesc><biblStruct><analytic><title level="a" type="main" xml:lang="en">CAPITAL MARKETS AND DEMOCRACY</title><author><name sortKey="Brenner, Reuven" sort="Brenner, Reuven" uniqKey="Brenner R" first="Reuven" last="Brenner">Reuven Brenner</name><affiliation wicri:level="1"><country xml:lang="fr" wicri:curation="lc">Mexique</country><wicri:regionArea>holds both the Repap Chair at McGill University's School of Management in Montreal and an appointment at Duxx Graduate School of Business in Monterrey</wicri:regionArea></affiliation></author></analytic><monogr></monogr><series><title level="j">Journal of Applied Corporate Finance</title><idno type="ISSN">1078-1196</idno><idno type="eISSN">1745-6622</idno><imprint><publisher>Blackwell Publishing Ltd</publisher><pubPlace>Oxford, UK</pubPlace><date type="published" when="1999-01">1999-01</date><biblScope unit="volume">11</biblScope><biblScope unit="issue">4</biblScope><biblScope unit="page" from="66">66</biblScope><biblScope unit="page" to="74">74</biblScope></imprint><idno type="ISSN">1078-1196</idno></series><idno type="istex">9D610AF1AD6A605F40306F32D046F68ED558688E</idno><idno type="DOI">10.1111/j.1745-6622.1999.tb00515.x</idno><idno type="ArticleID">JACF66</idno></biblStruct></sourceDesc><seriesStmt><idno type="ISSN">1078-1196</idno></seriesStmt></fileDesc><profileDesc><textClass></textClass><langUsage><language ident="en">en</language></langUsage></profileDesc></teiHeader><front><div type="abstract" xml:lang="en">Many countries have democracy's forms, but without capitalism's content. Instituting the right to vote while keeping capital markets closed is a prescription for stagnation and preservation of the status quo. It raises hopes but does not bring prosperity. Instead, it perpetuates a powerful elite, creates the seeds for political turmoil, and thus brings democracy itself into disrepute. Whether a democracy succeeds is said to depend on its system of checks and balances—that is, on the effectiveness of its mechanism for correcting mistaken policies. For example, extending the vote could be inimical to prosperity if there are no rules and institutions that serve to constrain government spending. Among the most important of these institutions are open and well‐functioning capital markets. In case after case, the liberalization of financial markets has been accompanied by impressive economic growth and higher standards of living—even in countries that we would not recognize as democracies. Indeed, as the example of Hong Kong suggests, the establishment of open capital markets is not only by itself a fairly reliable prescription for prosperity—but more free and democratic institutions are likely to follow as a consequence.</div></front></TEI><affiliations><list><country><li>Mexique</li></country></list><tree><country name="Mexique"><noRegion><name sortKey="Brenner, Reuven" sort="Brenner, Reuven" uniqKey="Brenner R" first="Reuven" last="Brenner">Reuven Brenner</name></noRegion></country></tree></affiliations></record>Pour manipuler ce document sous Unix (Dilib)
EXPLOR_STEP=$WICRI_ROOT/Wicri/Musique/explor/OperaV1/Data/Main/Exploration
HfdSelect -h $EXPLOR_STEP/biblio.hfd -nk 002666 | SxmlIndent | more
Ou
HfdSelect -h $EXPLOR_AREA/Data/Main/Exploration/biblio.hfd -nk 002666 | SxmlIndent | more
Pour mettre un lien sur cette page dans le réseau Wicri
{{Explor lien
|wiki= Wicri/Musique
|area= OperaV1
|flux= Main
|étape= Exploration
|type= RBID
|clé= ISTEX:9D610AF1AD6A605F40306F32D046F68ED558688E
|texte= CAPITAL MARKETS AND DEMOCRACY
}}
| This area was generated with Dilib version V0.6.21. |  |