MARKET SYSTEMSVARIED OUTCOMES

EB434 ENTERPRISE + GOVERNANCE

6

varieties of capitalisms

• until the collapse of the Soviet Union most people focused on capitalism versus communism

• but much variation amongst capitalist societies & socialist ones: even more since many communist systems transitioned partially to capitalism

• and within capitalist systems all societies have active role for the state as either regulator of markets, or direct participant through state-owned enterprises or bureaucracy as a provider of goods & services (eg. hospitals, schools, transport infrastructure etc)

• considerable variety amongst the most prosperous capitalist systems

GDP per capita

Countries by 2014 GDP (nominal) per capita.[1]   > $129,696   $64,848 – 129,696   $32,424 – 64,848   $16,212 – 32,424   $8,106 – 16,212   $4,053 – 8,106   $2,027 – 4,053   $1,013 – 2,027   $507 – 1,013   < $507   unavailable

Asian rank

World rank

Country GDP PPP p/c

1 1  Qatar $143,4272 -  Macau $142,5993 3  Singapore $82,7624 4  Brunei $73,2335 5  Kuwait $71,0206 7  United Arab

Emirates$64,479

7 10  Hong Kong $54,7228 12  Saudi Arabia $52,1839 13  Bahrain $51,714

10 20  Taiwan $45,85411 27  Oman $39,68112 29  Japan $37,39013 31  South Korea $35,27714 35  Israel $32,69115 38  Cyprus $30,76916 50  Russia $24,80517 51  Malaysia $24,65418 52  Kazakhstan $24,02019 62  Turkey $19,61021 70  Azerbaijan $17,61524 81  Maldives $14,38325 82  Thailand $14,35426 84  Turkmenistan $14,16527 90  China $12,88028 92  Jordan $11,92730 99  Egypt $10,877

This is a list of Asian countries by GDP per capita at Purchasing Power Parity. All figures are from the 2014 International

Monetary Fund and World Bank list published in April 2015

natural resources advantage?

• variation in natural resource endowments may impact possible economic development outcomes

• but sustained exploitation of resources requires good public governance (laws, institutions, effective economic policymaking)

• but natural resources may make some development too easy, weakening the development of other economic activities, undermining good governance

Adaptive Efficiency

• so sustained economic development needs cultivation of new resources: human capital, technology, capabilities, infrastructure

• and ADAPTIVE EFFICIENCY (Douglass North, 2005)

• this means that resources can shift from less productive sectors to emerging more productive sectors

• & public & private (firms etc) institutions too can adapt

• & people have the knowledge, capabilities, incentives, and cultural outlook that makes them receptive to change

Example: structural shifts in an economy

Australia is the 12th largest economy at 1.4 trillion US in 2014, just head of South Korea; Japan’s is 4.6, PRC 10.38, and the USA 17.41 trillion US$.

resources sector scale

DISTRIBUTION OF ECONOMIC FREEDOM

2012 Index of Economic Freedom

ć� F�)FSJUBHF�'PVOEBUJPO��t������.BTTBDIVTFUUT�"WFOVF �/&��t��8BTIJOHUPO �%$��������t��IFSJUBHF�PSHTh e Wall Street Journal��t��%PX�+POFT���$P���t������-JCFSUZ�4USFFU��t��/FX�:PSL �/:��������t��XXX�XTK�DPN�

The Index of Economic Freedom is a joint publication of The Heritage Foundation and The Wall Street Journal.

The complete text of the Index—including individual country pages and regional analysis—is available along with interactive tools at heritage.org/index.

The Index can also be purchased in hard copy from The Heritage Foundation, 1-800-544-4843.

Economic Freedom Scores80–100 Free70–79.9 Mostly Free60–69.9 Moderately Free50–59.9 Mostly Unfree0–49.9 RepressedNot Ranked

the Thomas Piketty Capital issue

source: John Cassidy, New Yorker, 26/3/14; adapted from Piketty’s originals )

source: John Cassidy, New Yorker, 26/3/14; adapted from Piketty’s originals )

source: John Cassidy, New Yorker, 26/3/14; adapted from Piketty’s originals )

productivity

Rank Country Overall Score Rank Country Overall Score Rank Country Overall Score

1 Hong Kong 89.92 Singapore 87.53 Australia 83.14 New Zealand 82.15 Switzerland 81.16 Canada 79.97 Chile 78.38 Mauritius 77.09 Ireland 76.910 United States 76.311 Denmark 76.212 Bahrain 75.213 Luxembourg 74.514 United Kingdom 74.115 The Netherlands 73.316 Estonia 73.217 Finland 72.318 Taiwan 71.919 Macau 71.820 Cyprus 71.821 Sweden 71.722 Japan 71.623 Lithuania 71.524 Saint Lucia 71.325 Qatar 71.326 Germany 71.027 Iceland 70.928 Austria 70.329 Uruguay 69.930 Czech Republic 69.931 South Korea 69.932 Jordan 69.933 Botswana 69.634 Georgia 69.435 United Arab Emirates 69.336 Spain 69.137 Barbados 69.038 Belgium 69.039 Armenia 68.840 Norway 68.841 El Salvador 68.742 Peru 68.743 Macedonia 68.544 Costa Rica 68.045 Colombia 68.046 The Bahamas 68.047 Oman 67.948 Israel 67.849 Hungary 67.150 Malta 67.051 Slovakia 67.052 Saint Vincent and

the Grenadines66.5

53 Malaysia 66.454 Mexico 65.355 Panama 65.256 Latvia 65.257 Albania 65.158 Jamaica 65.159 Rwanda 64.960 Thailand 64.961 Bulgaria 64.762 Romania 64.463 Trinidad and Tobago 64.464 Poland 64.2

65 Kazakhstan 63.666 Cape Verde 63.567 France 63.268 Portugal 63.069 Slovenia 62.970 South Africa 62.771 Kuwait 62.572 Montenegro 62.573 Turkey 62.574 Saudi Arabia 62.575 Madagascar 62.476 Namibia 61.977 Belize 61.978 Uganda 61.979 Paraguay 61.880 Dominica 61.681 Mongolia 61.582 Guatemala 60.983 Croatia 60.984 Ghana 60.785 Burkina Faso 60.686 Samoa 60.587 Morocco 60.288 Kyrgyz Republic 60.289 Dominican Republic 60.290 Lebanon 60.191 Azerbaijan 58.992 Italy 58.893 Honduras 58.894 The Gambia 58.895 Tunisia 58.696 Zambia 58.397 Sri Lanka 58.398 Serbia 58.099 Brazil 57.9100 Egypt 57.9101 Nicaragua 57.9102 Cambodia 57.6103 Kenya 57.5104 Bosnia and Herzegovina 57.3105 Fiji 57.3106 Swaziland 57.2107 The Philippines 57.1108 Mozambique 57.1109 Tonga 57.0110 Tanzania 57.0111 Bhutan 56.6112 Vanuatu 56.6113 Gabon 56.4114 Malawi 56.4115 Indonesia 56.4116 Nigeria 56.3117 Mali 55.8118 Benin 55.7119 Greece 55.4120 Senegal 55.4121 Yemen 55.3122 Pakistan 54.7123 India 54.6124 Moldova 54.4125 Niger 54.3126 Côte d'Ivoire 54.3127 Djibouti 53.9128 Papua New Guinea 53.8129 Tajikistan 53.4

130 Bangladesh 53.2131 Mauritania 53.0132 Seychelles 53.0133 Suriname 52.6134 Ethiopia 52.0135 Cameroon 51.8136 Vietnam 51.3137 Guyana 51.3138 China 51.2139 Syria 51.2140 Algeria 51.0141 Guinea 50.8142 Haiti 50.7143 Micronesia 50.7144 Russia 50.5145 Central African Republic 50.3146 Bolivia 50.2147 Nepal 50.2148 São Tomé and Príncipe 50.2149 Guinea-Bissau 50.1150 Laos 50.0151 Maldives 49.2152 Sierra Leone 49.1153 Belarus 49.0154 Liberia 48.6155 Togo 48.3156 Ecuador 48.3157 Burundi 48.1158 Argentina 48.0159 Kiribati 46.9160 Angola 46.7161 Lesotho 46.6162 Solomon Islands 46.2163 Ukraine 46.1164 Uzbekistan 45.8165 Comoros 45.7166 Chad 44.8167 Republic of Congo 43.8168 Turkmenistan 43.8169 Timor-Leste 43.3170 Equatorial Guinea 42.8171 Iran 42.3172 Democratic Republic

of Congo41.1

173 Burma 38.7174 Venezuela 38.1175 Eritrea 36.2176 Libya 35.9177 Cuba 28.3178 Zimbabwe 26.3179 North Korea 1.0N/A Afghanistan N/AN/A Iraq N/AN/A Liechtenstein N/AN/A Somalia N/AN/A Sudan N/A

RANKING THE WORLD BY ECONOMIC FREEDOM

0–49.9 REPRESSED

ECONOMIC FREEDOM SCORE

50–59.9 MOSTLY UNFREE60–69.9 MODERATELY FREE70–79.9 MOSTLY FREE80–100 FREE

4/11/12 1:46 AMList of countries by Human Development Index - Wikipedia, the free encyclopedia

Page 3 of 16http://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index

2011 Very High HDI nations, bypopulation size

Europe   489.0N.America   325.0

Asia   205.1S.America   58

Oceania   25.8

Complete list of countries = increase. = steady. = decrease.

Similar HDI values in the current list do not lead to ranking ties,since the HDI rank is actually determined using HDI values to thesixth decimal point.The number in brackets represents the number of ranks the countryhas climbed (up or down) relative to new 2011 data for 2010 (asindicated in the new 2011 report, p. 131).

Very high human development

Rank

Country

HDI

New 2011Estimatesfor 2011

[1]

Changecompared

to new2011 data

for2010[1]

New 2011Estimatesfor 2011

[1]

Changecompared

to new2011 datafor 2010

[1]

1 Norway 0.943 0.0022 Australia 0.929

3 Netherlands 0.910 0.001

4 UnitedStates 0.910 0.002

5 NewZealand 0.908

6 Canada 0.908 0.0017 Ireland 0.908 0.001

8 Liechtenstein 0.905 0.001

9 Germany 0.905 0.00210 Sweden 0.904 0.003

11 Switzerland

0.903 0.002

12 Japan 0.901 0.002

13 (1) Hong

Kong 0.898 0.004

14 (1) Iceland 0.898 0.002

15 SouthKorea 0.897 0.003

16 Denmark 0.895 0.002

Rank

Country

HDI

New 2011Estimatesfor 2011

[1]

Changecompared

to new2011 data

for2010[1]

New 2011Estimatesfor 2011

[1]

Changecompared

to new2011 datafor 2010

[1]

25 Luxembourg 0.867 0.002

26 Singapore 0.866 0.002

27 CzechRepublic 0.865 0.002

28 UnitedKingdom 0.863 0.001

29 Greece 0.861 0.001

— European

Union[4] 0.856 0.002

30 United

ArabEmirates

0.846 0.001

31 Cyprus 0.840 0.001

32 Andorra 0.83833 Brunei 0.838 0.00134 Estonia 0.835 0.003

35 Slovakia 0.834 0.002

36 Malta 0.832 0.00237 Qatar 0.831 0.00638 Hungary 0.816 0.00239 Poland 0.813 0.002

human development index

human development index by REGIONS

4/11/12 1:46 AMList of countries by Human Development Index - Wikipedia, the free encyclopedia

Page 8 of 16http://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index

Americas

10 highest HDIs

Rank CountryHDI

New 2011estimates for

2011

Very high human development1 United States 0.9102 Canada 0.9083 Chile 0.8054 Argentina 0.797

5 Barbados 0.793High human development

6 Uruguay 0.7837 Cuba 0.7768 Bahamas 0.7719 Mexico 0.770

10 Panama 0.768

10 lowest HDIs

Rank CountryHDI

New 2011estimates for

2011

Low human development1 Haiti 0.454

Medium human development2 Guatemala 0.5743 Nicaragua 0.5894 Honduras 0.6255 Guyana 0.633

6 Bolivia 0.6637 Paraguay 0.6658 El Salvador 0.6749 Suriname 0.68010 Dominican Republic 0.689

Asia and Oceania

10 highest HDIs

Rank CountryHDI

New 2011estimates for

2011

Very high human development1 Australia 0.9292 New Zealand 0.9083 Japan 0.901

4 Hong Kong 0.898

5 South Korea 0.897

6 Israel 0.888

7 Singapore 0.8668 United Arab Emirates 0.846

10 lowest HDIs

Rank CountryHDI

New 2011estimates for

2011

Low human development1 Afghanistan 0.398

2 Nepal 0.458

3 Yemen 0.462

4 Papua New Guinea 0.466

5 Myanmar 0.4836 Timor-Leste 0.4957 Bangladesh 0.500

8 Pakistan 0.504

4/11/12 1:46 AMList of countries by Human Development Index - Wikipedia, the free encyclopedia

Page 12 of 16http://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index

10 highest HDIs

Rank CountryHDI

New 2011estimates for

2011

Very high human development1 Israel 0.8882 United Arab Emirates 0.8463 Cyprus 0.8404 Qatar 0.8315 Bahrain 0.806

High human development6 Saudi Arabia 0.7707 Kuwait 0.7608 Libya 0.7609 Lebanon 0.739

10 Iran 0.707

10 lowest HDIs

Rank CountryHDI

New 2011estimates for

2011

Low human development1 Sudan 0.4082 Yemen 0.462

Medium human development3 Iraq 0.573

4 Morocco 0.582

5 Syria 0.6326 Palestinian territories 0.6417 Egypt 0.644

8 Algeria 0.6989 Jordan 0.698

10 Tunisia 0.698

HDI by regions & groups

Region or Group

2011estimatesfor 2011HDI[5]

2011estimatesfor 2010HDI[5]

Very high human developmentVery High Human Development 0.889 0.888OECD 0.873 0.871

High human developmentEurope and Central Asia 0.751 0.748High Human Development 0.741 0.739Latin America and the Caribbean 0.731 0.728

Medium human developmentWorld 0.682 0.679East Asia and the Pacific 0.671 0.666Arab states 0.641 0.639Small Island Developing States 0.640 0.638Medium Human Development 0.630 0.625South Asia 0.548 0.545

4/11/12 1:46 AMList of countries by Human Development Index - Wikipedia, the free encyclopedia

Page 11 of 16http://en.wikipedia.org/wiki/List_of_countries_by_Human_Development_Index

2011

Very high human development1 Australia 0.9292 New Zealand 0.9083 Japan 0.901

4 Hong Kong 0.898

5 South Korea 0.897

6 Singapore 0.8667 Brunei 0.838

High human development8 Palau 0.7829 Malaysia 0.76110 Tonga 0.704

2011

Low human development1 Nepal 0.458

2 Papua New Guinea 0.466

3 Myanmar 0.4834 East Timor 0.4955 Solomon Islands 0.510

Medium human development6 Bhutan 0.522

7 Cambodia 0.523

8 Laos 0.524

9 Vietnam 0.59310 Vanuatu 0.617

Latin America

10 highest HDIs

Rank CountryHDI

New 2011estimates for

2011

Very high human development1 Chile 0.8052 Argentina 0.797

High human development3 Uruguay 0.7834 Cuba 0.7765 Mexico 0.770

6 Panama 0.7687 Costa Rica 0.744

8 Venezuela 0.735

9 Peru 0.725

10 Ecuador 0.720

10 lowest HDIs

Rank CountryHDI

New 2011estimates for

2011

Low human development1 Haiti 0.454

Medium human development2 Guatemala 0.5743 Nicaragua 0.5894 Honduras 0.6255 Bolivia 0.6636 Paraguay 0.6657 El Salvador 0.6748 Dominican Republic 0.689

High human development9 Colombia 0.710

10 Brazil 0.718

Middle East and North Africa

Forbes Happiness Index

4/11/12 3:25 AMWorld's Happiest Countries - Happiness Index From Forbes.com

Page 1 of 3http://www.sodahead.com/united-states/worlds-happiest-countries---happiness-index-from-forbescom/blog-386075/

Posted 07/27/10 Read all 6 opinions

World's Happiest Countries -Happiness Index From Forbes.com

Related Topics: Israel, Australia, Canada, World

Click on link for more information and full table

World's Happiness Index

- Francesca Levy (Forbes)

Israel tied for 8th place with Australia, Switzerland, and Canada in a Gallup World Poll survey of 155countries that measures well-being.

Denmark, Finland and Norway led the list, the U.S. tied with Austria for 14th place, while the highestranking Arab country, the United Arab Emirates, was 20th.

Israel's neighbors ranked as follows: Egypt (115 tied), Syria (115 tied), Jordan (52), and Lebanon (73).Read more: http://www.forbes.com/2010/07/14/world-happiest-co...

ABOUT ME

RECENT POSTSIs Israeli-Palestinian Peace Possible?Portraits of the Fallen SoldiersThe Pope and the Chief Rabbi Phone the LordWe Owe the JewsCongress halts aid to Lebanese army after theyattacked Israelis last week

View All

HOT QUESTIONS ON SODAHEAD

www.qoo10.jp Ads by Google

What's on your mind? Ask your fellow SodaHeads! ASK IT

SodaHeadlines Entertainment Living Fun & Humor Games Sports Music Fashion News & Politics Leaderboard

RavenUnited StatesSodaHead since 05/25/09

View complete profile

'Girls Around Me' Pulled From AppStore: Creepiest App Ever?

78% voted Yes Do you agree?

NEWS

HOT TOPICS Weird News 2012 Election more … SearchLogin RegisterAsk Answer Discover

Happiness levels (Veenhoven, OECD: 2007)

6 TREND OF HAPPINESS IN NATIONS For only 11 of the 95 nations in the World Database of happiness do we have comparable data on 25 years or longer. These nations are: the USA since 1945, Japan since 1958 and for the first nine member states of the European Union since 1973. These data are available in the data file ‘TrendsInNations’ that is part of the World Database of happiness.

6.1 Gradual rise of average happiness in most nations

Trend data on average happiness are plotted in scheme 6, which shows that happiness has risen somewhat in the US and the EU6, but stagnated in Japan.

The observed rise in the US is contrary to current opinion, which holds that Americans have become richer, but no happier. This so-called ‘Easterlin paradox’ pervades the economic discourse on happiness but does not fit the latest data (Veenhoven & Hagerty 2006). This paper presents also indications for rising happiness in several developing nations.

Scheme 6 Trend average happiness in the EU8, Japan and USA

2005200019951990198519801975197019651960195519501945

10

9

8

7

6

5

4

3

2

1

0

USA

EU8

Japan

Actu

al ra

nge

in w

orld

6.2 Spectacular rise of Happy Life Years Life expectancy has also gone up in the last decade, so it is no surprise that the number of Happy Life Years has also increased, as we can see in scheme 7. Still it is surprising to see that the gains are so big, 5,? years in the EU and 4,2 in the USA. More detail on this rise in apparent quality of life is presented elsewhere (Veenhoven 2005a). This growth of Happy Life Years is unprecedented in human history and marks considerable social progress!

Ruut Veenhoven Gross National Happiness 20

5 DEGREE OF HAPPINESS IN NATIONS Survey data on happiness are gathered in the World Database of Happiness (Veenhoven 2006). At the moment this source contains comparable figures for 95 nations on all four these indicators, which are presented in so-called ‘finding reports’ (Veenhoven 2006a-d). Some illustrative data are presented in scheme 5. Scheme 5 Happiness in nations around 2000 Nation Average

happiness

mean on scale 0-10

Happy Life Years

life expectancy multiplied by

0-1 happiness

Inequality

standard-deviation on scale 0-10

Inequality adjusted

happiness

0-100 index

Switzerland

8.3

62.9

1.9

73

Sweden

7.9

58.9

2.0

69

USA

7.4

56.9

2.1

67

Argentina

7.0

49.6

2.5

60

Germany (W)

6.9

54.8

2.2

64

France

6.7

51.5

2.2

58

Philippines

6.3 43.7

2.7

54

Japan

6.1

49.6

2.1

55

Iran

5.9

41.5

2.7

51

Poland

5.8

42.8

2.8

50

Ruut Veenhoven Gross National Happiness 18

undesirable ranking

4/11/12 2:20 AMList of countries by suicide rate - Wikipedia, the free encyclopedia

Page 1 of 6http://en.wikipedia.org/wiki/List_of_countries_by_suicide_rate

Deaths for self inflicted injuries per100,000 inhabitants in 2004.[1]

no data

less than 3

3–6

6–9

9–12

12–15

15–18

18–21

21–24

24–27

27–30

30–33

more than 33

Suicide rate in Hungary (1950-2010), 1984:46.1 suicides per 100,000 people. This wasthe highest rate in recorded human history.Since the fall of communism (starting inthe mid-1980s) the suicide rate hasdecreased significantly.

List of countries by suicide rateFrom Wikipedia, the free encyclopedia

The following is a list of suicide rates by country according to datafrom the World Health Organization, in which a country's rank isdetermined by its total rate deaths officially recorded as suicides inthe most recent available year, last updated in 2011.

Male and female suicide rates are out of total male population andtotal female population, respectively (i.e. total number of malesuicides divided by total male population). The total rate of suicidesis based on the total number of suicides divided by the totalpopulation rather than merely the average of the male and femalesuicide rates, because the gender ratio in most countries is not 1:1.Year refers to the most recent year that data was available for aparticular country.

Contents1 List2 Notes3 References4 External links

List

Suicides per 100,000 people per year[2]

Rank Country Male Female Total Year1 Lithuania 61.3 10.4 34.1 2009

2 South Korea[3] (moreinfo)

41.4 21.0 31.2 2010

3 Guyana 39.0 13.4 26.4 20064 Kazakhstan 43.0 9.4 25.6 20085 Belarus[4][5] 25.3 2010

6 Hungary[6] 40.0 10.6 24.6 2009

7 Japan (more info)[7] 33.5 14.6 23.8 2011

8 Latvia 40.0 8.2 22.9 2009

9 People's Republic of

China [8] 22.23 2010

10 year averaged results of Gallop polling: CAF World Giving Index, 2019

(Charities Aid Foundation, 1//10/19)

Gallup World Poll website: http://www.gallup.com/services/170945/world-poll.aspx

comparison is important

health example

source: http://kff.org/health-costs/issue-brief/snapshots-health-care-spending-in-the-united-states-selected-oecd-countries/

source: http://kff.org/health-costs/issue-brief/snapshots-health-care-spending-in-the-united-states-selected-oecd-countries/

construction

http://photos.prnewswire.com/featured/prnthumbnew/20151109/285362

source: http://cepr.net/publications/graphic-economics/construction-as-percent-of-gdp-2005-2011

USA case

construction comparison

https://dqydj.com/can-tracking-construction-help-predict-economic-decline/

Country Level ~5Y Ago ~10Y Ago ~25Y Ago

USA 13.49% 11.01% 9.63% 8.91%

China 26.40% 26.72% 34.08% 10.60%

Japan 14.73% 17.71% 11.87% 9.76%

Germany 50.67% 42.46% 38.55% 24.22%

France 28.28% 24.07% 25.91% 21.48%

Brazil 12.55% 10.98% 16.43% 8.93%

UK 29.84% 27.01% 24.36% 22.59%

Italy 28.56% 22.47% 24.05% 18.57%

Russia 28.37% 27.94% 34.42% 21.90%

India 24.82% 20.05% 17.55% 6.90%

Canada 30.08% 28.44% 37.46% 25.12%

Australia 19.88% 22.53% 17.01% 15.14%

Spain 31.56% 22.67% 25.18% 16.68%

Mexico 31.75% 27.28% 26.23% 19.00%

South Korea 53.92% 47.55% 38.30% 28.53%

Indonesia 23.74% 24.16% 32.22% 24.29%

Turkey 25.65% 23.32% 23.55% 16.20%

Saudi Arabia 51.79% 47.09% 50.99% 33.75%

Argentina 14.27% 17.40% 21.50% 13.06%

South Africa 31.14% 27.29% 26.42% 26.69%

variance example: export-orientation

Exports as % GDP, 2013, G-20 Economies

source: quandl.com