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The Developmental Effectiveness of Multilateral Institutions under Collective Action Restrictions
Eduardo Wiesner Durán [pdf] [html]

[Key words: economic development, multilateral institutions, collective action restrictions; JEL: I38, O20]

This paper suggests that the best way to evaluate and drive development policy is to understand the root causes that explain the political economy restrictions limiting the developmental effectiveness of multilateral and bilateral institutions. To mitigate the deleterious effects of collective action restrictions this paper recommends a two-pronged interdependent strategy: an enhanced use of ex ante evaluation in all interventions and through a more intensive application of the paper trail approach; and changes of constitutional rules or macro-institutional conditions which determine the decisions made in all institutions.

Colombia in the Two Stages of Globalization
Salomón Kalmanovitz [pdf] [html]

[Key words: Colombia, globalization, economic development, international trade; JEL: F13, F15, F43]

The historians of the globalization process divide it in two great periods: 1860 to 1914, followed by the disintegration of trade, capital and labor flows, and from 1950 to the present. This essay attempts to understand the performance of the Colombian economy during the two globalizations. In spite of entering into the first phase late, it did very well, maybe because its point of departure on the scale of development was extremely low. The participation of the flows of trade and capital in its gross product increased systematically until 1930. In the second phase, however, Colombia's performance was mediocre, with high barriers imposed against trade and foreign investment, while at the same time its financial sector was repressed to benefit some agents with political power.

Capital Globalization and Institutional Development of the Financial System
Edgar Demetrio Tovar García [pdf] [html]

[Key words: globalization, capital, institutional development, financial system; JEL: F15, G10, G15]

To obtain benefits from capital globalization, it is necessary for the domestic financial market to be well-developed and regulated. This paper analyzes the effect of capital globalization on the financial system from an institutional perspective. Institutional change is produced by the market and the government and non-government agreements introduced by the financial integration. The empiric evidence suggests that capital globalization has a positive relationship with the institutional development of the financial system, because it reinforces private property rights and reduces monopolist financial markets.

The Field of Economics
Gabriel Misas Arango [pdf] [html]

[Key words: scientific field, symbolic production, knowledge networks; JEL: A11, A12, A14]

This essay examines how the field of economics works, understood to be the space of symbolic production of economic knowledge and its distribution networks. It therefore analyzes the relationship between the producing agents and the institutions involved. The economy is a scientific field with weak autonomy, due to its deep insertion in social relations, thus it suffers strong pressures of external forces to put some issues on the public agenda and ignore others. We cannot doubt that the economic science is a social construction of a social construction.

Thomas C. Schelling: the Paradox of a Wandering Economist
Boris Salazar [pdf] [html]

[Key words: focal points, heuristic, theory of games, social dynamic, neural circuits, JEL: B31, B41, D83]

This article explains two enigmas related to the scientific career of Thomas C. Schelling, Nobel Price in Economics 2005: How to explain his capacity to always produce new ideas? Why have his multiple pioneer ideas had more impact on other social sciences and not on economics? The paper proposes three hypotheses: the minor impact of the acquired knowledge of his theoretical work, a heuristic that always privileged the relationship between unpublished facts and unusual angles, and the creation of a spontaneous knowledge network that covered different disciplines dedicated to social interaction.

The Skaperdas and Syropoulos Model
Leonardo Raffo López [pdf] [html]

[Key words: conflict, war, state emergence, Nash equilibriums, JEL: D78, B41]

This paper offers a detailed presentation of the Skaperdas and Syropoulos model; one of the main models of the theory of conflict and state emergence. First, it describes the model's Nash equilibrium and the relevant effects of comparative analysis. And second, from a new interpretation of the equilibrium and comparisons with other similar models, the paper concludes that it constitutes the most general analytical framework in the subject, which can be understood as the foundations for a general theory of conflict and state emergence.

A Purely Social Conception of Value and Productive Labor
Jacques Gouverneur [pdf] [html]

[Key words: theory of value, productive labor, surplus value, capitalism; JEL: B51]

This article contributes to the theoretical debate of Marxist concepts of value and productive labor. It defines value as an indirect social labor and evaluates the traditional distinction between productive activities and circulation. Also, it questions the traditional concepts of intensive labor and criticizes the traditional notions of labor force value and its relationships to monetary salary. The review of the traditional approach allows the introduction of new conceptual distinctions that combine the advantages of accuracy and simplicity: the theoretical view becomes more precise and coherent, and the measurement of basic concepts could be much simpler.

Distributive Policies, Rational Choice Marxism and Classical Marxism: a Comparative Analysis
Álvaro Gallardo [pdf] [html]

[Key words: rational choice Marxism, classical Marxism, distributive policies; JEL: B51]

The aim of the article is to analyze two perspectives of contemporary Marxism and to understand which values are defended when distributive polices are involved. In rational choice Marxism, freedom needs equality, and depends on justice assumptions; instead, in classical Marxism, liberty needs inequality for the development of productive forces. It concludes that, in capitalism, the notions of liberty and equality affect the institutional mechanisms when distributive policies are considered.

Contributions to a Theory of Urban Residential Structuring
Óscar A. Alfonso R. [pdf] [html]

[Key words: urban economics, residential structuring, public goods, land uses; JEL: R52, R53, R21]

The city is a collective project that seeks to improve the general welfare of the population. Residential structuring agents have an inclination to get richer without reason. If collective actions that control and regulate this inclination are missing, the city becomes a powerful instrument to unequally distribute the wealth that emerges from urbanization. This article proposes a non-conventional approach to residential structuring as a place for wealth transference, an analytical option that emphasizes the principle that institutions precede residential markets.

Vertical Integration in the Colombian Health Sector
Jairo Humberto Restrepo, John Fernando Lopera y Sandra Milena Rodríguez [pdf] [html]

[Key words: health economics, industrial organization, vertical integration, health care insurance, profits, prices; JEL: I11, L22]

Vertical integration in the health sector refers to the government structure designed to coordinate and control attention services in the different states of the value chain, and to facilitate the collaboration and communication between the suppliers. In Colombia, the vertical integration allows insurers (EPS) to provide health services directly through their own centers of attention (IPS). This situation has motivated the EPS to create their own IPS and other modalities of vertical integration or control. This article offers a model of double marginalization for only one EPS and one IPS, and concludes that when the insurance company practices vertical control toward the lender, the benefits are larger than in a scheme of independent firms; also, the final price of the integrated scheme is smaller.


Revista de Economía Institucional
Universidad Externado de Colombia
Cra. 1 No. 12-68 Casa de las Mandolinas
Bogotá, Colombia
(571) 2826066 ext. 1307

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