Abstract
This chapter sets out the analytical framework of political settlements and elaborates the framework to account for the socialist experiences of Tanzania and Vietnam in the 1960s and 1970s. A political settlement, as defined by Mushtaq Khan, is a combination of power and institutions that is mutually compatible and also sustainable in terms of economic and political viability. The chapter clarifies the core building blocks of the approach and sets out the main differences between political settlements and new institutional economics. The chapter then defines a socialist political settlement where productive rights are formally held by the collective and formal institutions protect common and collectively owned assets. The attempts to construct a socialist political settlement left important institutional, political, and economic legacies. These shaped incentives and constraints which influenced a number of critical processes at the heart of economic development—related to technological learning, accumulation for investment, and political stabilization.
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