Abstract
Why aren't all market-based economies wealthy? Many scholars believe that nonwealthy, market-based economies lack certain productivity-enhancing societal institutions, particularly those that promote trust. This article proposes that a new theory - the resource-advantage theory of competition - has the requisites of a socio-economic theory of competition and, consequently, can contribute to explaining why all market-based economies are not wealthy and why institutions that promote trust can be productivity-enhancing. Therefore, resource-advantage theory and its foundational propositions contribute to developing a socio-economic research tradition.
Original language | English |
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Pages (from-to) | 335-357 |
Number of pages | 23 |
Journal | Journal of Socio-Economics |
Volume | 26 |
Issue number | 4 |
DOIs | |
State | Published - 1997 |
Keywords
- Economic growth
- Ethics
- Institutions
- Productivity
- Resources
- Socio-economies
- Trust