Determinants of Quality Institutions: A Comparative Analysis of Various Perspectives
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Abstract
While institutions are products of human designs, yet, these vital organs differ from one society to another. Responsible for the differences are: geographical location, colonial origin, legal system tradition, ethnolinguistic fragmentation, natural resources endowment, income distribution, international openness and education. How rich these factors are will determine the quality of a country’s institutions. Thus, there is a link between a country’s level of development and the quality of the institutions it operates. This paper examines the relationship between institutions, development and good governance. It argues that economic stagnancy in sub-Sahara Africa can be traced to the poor institutions in these regions.
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