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According to economic theory, several factors are conducive to economic development which are: Environment that fosters entrepreneurship and innovation Strong protection of property rights Democracy
According to economic theory, several factors are conducive to economic development which are:
- Environment that fosters entrepreneurship and innovation
- Strong protection of property rights
- Democracy
- Favourable geography
- High education level (Hill & Hernandez-Requejo, 2011) Strength of formal institutions (Ghemawat, 2001)
- Question for Discussion: Are there also examples (economically successful countries) that seem to contradict economic theory?
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How China Escaped Shock Therapy The Market Reform Debate
Authors: Isabella M Weber
1st Edition
0429953968, 9780429953965
