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The Importance of Institutions to Economic Development Luca FerriniSep 19views This content was written by a student and assessed as part of a university degree. Introduction Cross-country empirical analyses, in combination with micro-level studies, provide strong support for the overwhelming importance of institutions in predicting the level of development in countries around the world Hall and Jones, ; Acemoglu, Johnson and Robinson, Protection of property rights, effective law enforcement, and efficient bureaucracies, together with a broad range of norms and civic mores, are found to be strongly correlated to better economic performance over time.
This essay aims to explain why institutions are important to economic development and to provide evidence for the arguments made. It argues that institutions support economic development through four broad channels: Evidence is derived from the literature, from comparison of countries, and from examples at the micro level.
Institutions comprise for example contracts and contract enforcement, protection of property rights, the rule of law, government bureaucracies, financial markets. They also, however, include habits and beliefs, norms, social cleavages and traditions in education so-called informal institutions.
Formal institutions typically tend to be the crystallization of informal institutions North,as social norms in the realms of gender, class and caste, for example, determine rules of political participation and representation, methods of economic exchange, and inclusion of different groups in society Pateman, It is not a new intuition that for the prospering of economic activity institutions matter.
Adam Smith had already noted this is surprising detail, referring to the importance of a justice system, private property rights, and the rule of law The Wealth of Nations. Aron surveys the studies which correlate indices of development to institutional ones: The paragraphs below explain why institutions appear so important to economic development.
Costs Institutions conducive to economic development reduce the costs of economic activity.
The costs include transaction costs such as search and information costs, bargaining and decision costs, policing and enforcement costs Coase,p ; Dahlman,p. They lower transaction costs by providing common legal frameworks e. Communities in LDCs typically rely on kinship or ethnic and religious ties for trade.
Norms and networks of common language and religion may be enough to ensure compliance with agreements on economic exchange; collective punishment and social reputation may be enough to ensure the enforcement of often informal contracts even in the absence of a third party.
Greif describes the trade networks of Maghribi traders which permitted the sharing of information on dishonest traders and their collective punishment.
To take advantage of opportunities for trade with different groups and increase the size of economic transactions, however, cultural ties are not enough. There is need for greater information about trading partners, and for institutions which ensure agreements on the details of exchange and compliance to the agreed conditions.
These take the form of contracts, codes of conduct, standardized weights and measures, disclosure agreements, and enforcement through courts and policing.
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Where transaction costs are small, the private enforcement of contracts may still be preferred. But as economic relations develop and become increasingly impersonal, the role of a third party to enforce compliance to rules is increasingly necessary Shirley,p.
Property Rights and the Return to Investment Such institutions increase the security that the risk of incurring in an economic transaction is matched by the full appropriation of its eventual benefits.
This includes the presence of individual private property rights.
If property is protected individuals are more willing to invest and to incur sunk costs. Recounting the land-ownership system in Ghana, Pande and Udry are able to show that where individual perception of security of land tenure is low, investment in the land is significantly reduced, and output consequently drops.
In fact, in the few cases in which land is obtained through commercial transactions as opposed to the traditional informal system of land redistributionthere ceases to be any difference in levels of investment because security of tenure is assured. This increases output and thus is conducive to economic development.
The protection of property rights requires an expanded role for state authority. Individuals and groups sacrifice a degree of freedom in order to ensure state protection; they accept levies and taxes to cover policing expenses, and state monopoly over the use of force for common security Bates,p.
However, there is a risk that states which have the power to enforce property rights may use that power to expropriate property too.
Instead of reducing risk of economic transactions, this increases it. Thus property rights are by no means sufficient to spur economic growth, and must be balanced by institutions which limit the extractive capacity of state power.
These typically involve independent parliaments and judiciaries.
Disclaimer: This work has been submitted by a student. This is not an example of the work written by our professional academic writers. You can view samples of our professional work here.. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays. Let’s Talk About Research Participants by Chelsea Lee and Jeff Hume-Pratuch In this post you will learn how to present data gathered during surveys or interviews with research participants that you conducted as part of your research. Citing and referencing: Theses/Dissertations. Interviews / Speeches Music Scores / Recordings Television / Radio Broadcast The title should be italicized and followed by Doctoral dissertation or Master's thesis in brackets.
Democratic institutions of political representation strongly contribute to this process Rodrik, Unequal institutions strongly limit development by reducing the capacity of individuals to access resources, expand production and increase their incomes.
A comparative analysis of development trajectories of countries indicates that institutions which benefit elites and allow their appropriation of resources and products have perpetuated underdevelopment.
Countries which have undergone colonial domination tend to be plagued by such extractive institutions.criticism essay on smoke signals big uw me homework essays banana yoshimoto kitchen essay re application essay our school garden essay swadeshi and boycott.
Nov 05, · To present interviews in a dissertation, you first need to transcribe them.
You can then add the written interviews to the appendix. If you have many or long interviews that make the appendix extremely large, the appendix (after consultation with the supervisor) can be submitted as a separate document. What matters is that you can demonstrate that the interviews have actually taken place/5().
Citing and referencing: Theses/Dissertations. Interviews / Speeches Music Scores / Recordings Television / Radio Broadcast The title should be italicized and followed by Doctoral dissertation or Master's thesis in brackets.
A beginner's guide to referencing your academic work using the UWE Bristol Harvard standard. Dissertation – A document submitted to earn an advanced degree, such as a doctorate, at a university. Citing a thesis or dissertation from a database Structure: Last, F.M.
(Date published). Title (Doctoral dissertation or master’s thesis). Use the following template to cite a dissertation using the Harvard citation style. For help with other source types, like books, PDFs, or websites, check out our other guides.
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