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Alexander Gerschenkron

Bio: Alexander Gerschenkron is an academic researcher from Harvard University. The author has contributed to research in topics: Backwardness & U.S. Dollar Index. The author has an hindex of 22, co-authored 57 publications receiving 8246 citations.


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TL;DR: In this paper, the concept of "Prerequisites" of modern industrialization is discussed in the context of economic backwardness in historical perspective and social attitudes, entrepreneurship, and economic development.
Abstract: Introduction Economic Backwardness in Historical Perspective Reflections on the Concept of "Prerequisites" of Modern Industrialization Social Attitudes, Entrepreneurship, and Economic Development Notes on the Rate of Industrial Growth in Italy, 1881-1913 Rosario Romeo and the Original Accumulation of Capital Russia: Patterns and Problems of Economic Development, 1861-1958 Economic Development in Russian Intellectual History of the Nineteenth Century. Annex: Realism and Utopia in Russian Economic Thought, A Review Some Aspects of Industrialization in Bulgaria, 1878-1939 Soviet Heavy Industry: A Dollar Index of Output, 1927-1937 Notes on the Rate of Industrial Growth in Soviet Russia Industrial Enterprise in Soviet Russia A Neglected Source of Economic Information on Soviet Russia Reflections on Soviet Novels Notes on Doctor Zhivago The Approach to European Industrialization: A Postscript Appendix I: Description of an Index of Italian Industrial Development, 1881-1913 Appendix II: Industrialization in Bulgaria, Basic Data and Calculations Appendix III: Problems of Measuring Long-Term Growth in Income and Wealth Index

570 citations


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TL;DR: The authors surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and presents a survey of the literature.
Abstract: This paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world.

13,489 citations

Journal ArticleDOI
TL;DR: Corporate Governance as mentioned in this paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and shows that most advanced market economies have solved the problem of corporate governance at least reasonably well, in that they have assured the flows of enormous amounts of capital to firms, and actual repatriation of profits to the providers of finance.
Abstract: This article surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world. CORPORATE GOVERNANCE DEALS WITH the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment. How do the suppliers of finance get managers to return some of the profits to them? How do they make sure that managers do not steal the capital they supply or invest it in bad projects? How do suppliers of finance control managers? At first glance, it is not entirely obvious why the suppliers of capital get anything back. After all, they part with their money, and have little to contribute to the enterprise afterward. The professional managers or entrepreneurs who run the firms might as well abscond with the money. Although they sometimes do, usually they do not. Most advanced market economies have solved the problem of corporate governance at least reasonably well, in that they have assured the flows of enormous amounts of capital to firms, and actual repatriation of profits to the providers of finance. But this does not imply that they have solved the corporate governance problem perfectly, or that the corporate governance mechanisms cannot be improved. In fact, the subject of corporate governance is of enormous practical impor

10,954 citations

ReportDOI
TL;DR: This paper examined whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of external finance to firms, and found that industrial sectors that are relatively more in need of foreign finance develop disproportionately faster in countries with more developed financial markets.
Abstract: Does finance affect economic growth? A number of studies have identified a positive correlation between the level of development of a country's financial sector and the rate of growth of its per capita income. As has been noted elsewhere, the observed correlation does not necessarily imply a causal relationship. This paper examines whether financial development facilitates economic growth by scrutinizing one rationale for such a relationship; that financial development reduces the costs of external finance to firms. Specifically, we ask whether industrial sectors that are relatively more in need of external finance develop disproportionately faster in countries with more developed financial markets. We find this to be true in a large sample of countries over the 1980s. We show this result is unlikely to be driven by omitted variables, outliers, or reverse causality.

6,815 citations

Journal ArticleDOI
TL;DR: In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems, and discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform.

6,387 citations