search query: @freeterm openness / total: 5
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| Author: | Bourguignon, F. Verdier, T. |
| Title: | Is financial openness bad for education? A political economy perspective on development |
| Journal: | European Economic Review
2000 : MAY, VOL. 44:4-6, p. 891-903 |
| Index terms: | Political economy Education Models |
| Freeterms: | Democratization Openness |
| Language: | eng |
| Abstract: | This paper presents a simple model of the links btw. education, democratization and economic development. In a context of imperfect capital markets, investigated are the incentives for a capitalist oligarchy to subsidize the education of poor workers and to initiate a political transition. It is shown that international financial liberalization, while stimulating physical capital accumulation, reduces the capitalist elite willingness to subsidize domestic human capital accumulation in the medium run. It thus delays, without necessarily impeding the process of democratization. |
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