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Appraising institutional challenges in the early stages of development- Chapter 10: Conclusion

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Two central lessons can be drawn from the foregoing analysis. First, many institutional failures are traceable to the way politics functions. Therefore, any diagnosis or understanding of the impediments to a country’s long-term development that overlooks the country’s political economy is doomed to yield mistaken or incomplete conclusions.

The second lesson is that informal institutions, rules, and practices, as well as the way they interact with formal institutions, are another privileged angle through which a country’s institutional functioning ought to be approached.

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