Economic Institutions Matter, But They Are Not the Full Story

Abstract

This briefing considers whether the recent 'fashion' for paying attention to institutions is merely another attempt to come up with a fundamental explanation for issues of growth and development that we still don't understand as well as we would like to, or whether it really does deliver explanations for poverty and how to escape from it that are more powerful and illuminating than earlier ideas. Some recent literature on demographics and culture; limited access and open access political orders; and weak states, is reviewed. Read the id21 Research Highlight: Economic institutions matter, but they are not the full story