The wealth of nations and economic governance, international evidence
DOI:
https://doi.org/10.14738/abr.81.7667Keywords:
Keywords: Wealth creation, wealth sustainability, public governance, rich countriesAbstract
The paper suggests that wealth maximization and sustainability model (WMS) conforms to the basic maximization rule advocated by finance theory and they can therefore be dealt with within the same theoretical framework. A nation can develop and create wealth to the maximum of its potential only when it efficiently manages its development, i.e. when it observes the rule of national wealth maximization. Wealth is increasing unevenly around the world, as is the quality of living conditions. This prompts the following questions: What drives wealth maximization and sustainability (WMS), and how can it be made to last? To answer these two questions thepaper suspects economic governance to impact tremendously wealth creation and accumulation, and tests its effect using a sample of 40 rich countries for the year 2019. It reveals important findings that make it possible to sketch a model of wealth maximization and sustainability.
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Globalist. (2011), "Kofi Annan on Global Futures." February 6; https://www.theglobalist.com/kofi-annan-on-global-futures/.
Harris J, A. Senhadji, and A. F. Tieman (2019), “A Global Picture of Public Wealth”. IMF blog. At : https://blogs.imf.org/2019/06/18/a-global-picture-of-public-wealth/
The Heritage Foundation and The Wall Street Journal (2018), “Index of Economic Freedom (IEF). https://www.heritage.org/index/download#
Islam, R., M. McGillivray (2019), ”Wealth inequality, governance and economic growth” Economic Modelling. https://doi.org/10.1016/j.econmod.2019.06.017
Koukoulas S. (2015), Economic growth more likely when wealth distributed to poor instead of the rich”. The Guardian, https://www.theguardian.com/business/2015/jun/04/better-economic-growth-when-wealth-distributed-to-poor-instead-of-rich.
Lange, G.M., W. Quentin; and K. Carey (2018), “The Changing Wealth of Nations: Building a Sustainable Future”. Washington, DC: World Bank. @ World Bank. https://openknowledge.worldbank.org/handle/10986/29001 License: CC BY 3.0 IGO.”
Morck, D., A. Stangeland, and B. Yeung (1998), “Inherited Wealth, Corporate Control, and Economic Growth the Canadian Disease? Randall K. https://www.nber.org/chapters/c9014.pdf
Naciri. A. (2018). «The Governance Structures of the Bretton Woods Financial Institutions - A Case of "Beggar-Thy-Neighbour". Springer. New York (2018). At : https://www.amazon.com/dp/3319979051
Powell B. (2019), “Making Poor Nations Rich Entrepreneurship and the Process of Economic Development”. Stanford University Press.
Pritchett, L. (1997) “Divergence, Big Time.”, The Journal of Economic Perspectives, Vol. 11, No. 3 Summer, pp. 3-17 Published by: American Economic Association).
Roser M. (2019a) “Which countries achieved economic growth? And why does it matter?”. At: https://ourworldindata.org/economic-growth-since-1950
Roser, M. (2019b) - "Global Economic Inequality". Published online at OurWorldInData.org. Retrieved from: 'https://ourworldindata.org/global-economic-inequality'.
Standing G. (2017), “Basic Income: A Guide for the Open-Minded”, Yale University Press.
Stern, A. (2016). “Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream”. New York: Public Affairs.
United Nations (2019), “The World Economic Situation and Prospects”. https://www.un.org/development/desa/dpad/wp-content/uploads/sites/45/WESP2019_BOOK-web.pdf
Ventura, L. (2019), “Richest Countries in the World 2019”. IMFblog. At: https://www.gfmag.com/global-data/economic-data/richest-countries-in-the-world
Wolla, S. (2017), “Why Are Some Countries Rich and Other Poor?” Page one economics. At: https://research.stlouisfed.org/publications/page1-econ/2017/09/01/why-are-some-countries-rich-and-others-poor/
https://openknowledge.worldbank.org/handle/10986/22553 License: CC BY 3.0 IGO.”
World Bank (2015). “The Little Data Book on Financial Development 2015/2016”. Washington. DC. World Bank. At:
http://www.worldbank.org/en/publication/wdr2017. Accessed 10 January. 2018.
World Bank (2017). ”World Development Report. Governance and the Law”.
The World Factbook. At: https://ourworldindata.org/economic-growth-since-1950
https://knoema.fr/pjeqzh/gdp-per-capita-by-country-statistics-from-imf-
World Bank Human Capital Index
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Published
2020-01-20
How to Cite
Naciri, A. (2020). The wealth of nations and economic governance, international evidence. Archives of Business Research, 8(1), 121–137. https://doi.org/10.14738/abr.81.7667
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