This paper opens with a short interpretative history of the growth performance of developing countries which underscores the importance of domestic institutions and downplays the role of microeconomic factors (including trade policy) in the post-1980 growth collapse. This is followed with a discussion of the five functions that public institutions must serve for markets to work adequately: protection of property rights, market regulation, macroeconomic...
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2000/04/01
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2010/07/01
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Development strategies for the next century
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property right
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