Second-best institutions
By: Dani Rodrik.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series -- working paper 14050; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 14050.
Publisher: National Bureau of Economic Research
Published: 2008
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "The focus of policy reform in developing countries has moved from getting prices right to getting institutions right, and accordingly countries are increasingly being advised to move towards "best-practice" institutions.  This paper argues that appropriate institutions for developing countries are instead "second-best" institutions -- those that take into account context-specific market and government failures that cannot be removed in short order.  Such institutions will often diverge greatly from best practice.  The argument is illustrated using examples from four areas: contract enforcement, entrepreneurship, trade openness, and macroeconomic stability"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 7/11/2008.

Includes bibliographical references.

Also available in print.

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Mode of access: World Wide Web.