Overview
Institutions play a vital role in economic development by providing the framework within which economic activities occur. They include both formal structures, like governments and legal systems, and informal norms that guide behavior. Effective institutions promote stability, encourage investment, a...
Key Terms
Example: Legal systems and regulatory bodies.
Example: Government policies that affect business operations.
Example: Owning land or intellectual property.
Example: Antitrust laws to prevent monopolies.
Example: Community groups that support local businesses.
Example: Increased GDP and reduced poverty rates.
Related Topics
Key Concepts
GovernanceProperty RightsMarket RegulationSocial Capital