Abstract
Despite greater rates of capital accumulation, per capita growth rates among Third World nations (particularly, Africa) are much lower than among the advanced, capitalist nations. In this paper I examine the critical roles of the rule space and policy on economic growth. Empirically, nations with poor institutions and policies grow at about a fifth of the rate of nations with good institutions and policies.
This paper was written while visiting the Centro Internazionale di Ricerche Economiche, Turin, Italy
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© 1997 Springer Science+Business Media Dordrecht
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Scully, G.W. (1997). Rule and policy spaces and economic progress: Lessons for Third World countries. In: Rowley, C.K. (eds) Constitutional Political Economy in a Public Choice Perspective. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-5728-5_14
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DOI: https://doi.org/10.1007/978-94-011-5728-5_14
Publisher Name: Springer, Dordrecht
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