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After critically reviewing the literature on the institutional
approaches for the shared growth, this paper briefly presents a General
Theory of Economic Development (GTED) as basis for the discussion of
shared growth. The GTED argues that Economic Discrimination (ED) by
Markets, Corporations and Government is a necessary condition for shared
economic development while Egalitarianism by any of them is a sufficient
condition for economic stagnation. ED means treating the different
differently while Egalitarianism is antithesis to ED. This paper also
presents a new empirical framework for analysing growth and productivity
implied by the GTED, and provides the empirical results that a 1 percent
increase of per capita corporate asset brings about a 0.4 percent
increase in per capita income and a decrease of income GIN1 coefficient
by 0.015, supporting "the corporate-led shared growth hypothesis" of the
GTED. Finally, the paper discusses the dramatic experiences of the rise.
and fall of Korea's economic development and the stagnated Pakistani
experience over the last 60 years, implying that the growth stagnation
has been due to the anti-corporate policy led by the egalitarianism. JEL
Classification: B, B5, D21, D23, 01, 043, P14 Keywords: General Theory
of Economic Development, Shared Growth, Economic Discrimination (ED),
Egalitarianism, Corporate-led Shared Growth, ED Policy Paradigm