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Managing the Politics of Reform
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After decades of research, discussion, and debate, economists have finally acknowledged the
importance, if not the primacy, of institutions as the bedrock of sustained growth and development.
While policies can make a difference, recent econometric studies indicate that much
will depend on the institutions that govern a country (Rodrik, Subramanian, and Trebbi 2002).
Institutions, in this context, refers to the agglomeration of rules, both formal and
informal, that underpin the “rule of law” and the protection of property rights. Laws and
the mechanisms for their enforcement are among the most important of these institutions.
In some countries, the pertinent laws may be absent or inadequate. In others, all the possible
(pertinent) laws one can imagine have been passed and are “state of the art”; however
the enforcement mechanisms are absent or weak. In either case, institutions are deemed to
be poor—people are not bound strongly to the rule of law and property rights can be easily
violated. Not surprisingly, in such countries, long-term investment is inadequate,
growth remains sluggish, and poverty persists if not worsens.
J. Edgardo Campos and Jose Luis Syquia - Personal Name
0-8213-6435-9
NONE
Management
English
2006
1-66
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