move forward, there needs to be a collective change of attitudes and mindsets – particularly towards things like corruption, good governance, and consideration for the public good. here there is good news and bad news. on the positive side, mindsets and attitudes are things within our control. the bad news is that changing attitudes and mindsets is perhaps one of the most difficult things to do. as leo tolstoy once wrote “ everyone thinks of changing the world, but no one thinks of changing himself. ” for many of you here who will go on to serve in public policy, i urge you to embrace this challenge and give you my wholehearted support. today is a legacy of the past, but history is not destiny. you can make a difference and we need more people who devote themselves to do so. thank you very much for your attention. bis central bankers ’ speeches

. for asia, industrializing the agriculture sector through the adoption of modern methods and the development of agribusinesses will be a key source of productivity growth. similarly, the composition of the service sector, which is also quite large, has to shift from low - productivity activities to modern, high value - added services. countries that have achieved sustained growth are those that are better at removing the bottlenecks that impede such transformation. this typically requires a number of key fundamental capabilities, such as macroeconomic stability, rule of law, good education, strict enforcement of contracts, a competent bureaucracy, good governance, and low tolerance of corruption. these are often encapsulated under the rubric of strong institutions. one can think of institutions as the set of rules and norms that both governs the incentives of economic agents as well as constrains their behavior. good institutions encourage growth, bad institutions stifle it. entrepreneurship, a critical driver of structural change, relies heavily on the institutional environment. the contrast between north and south korea serves as a striking example of how institutional differences can lead to wildly divergent paths between two regions that were initially very similar culturally and geographically. this does not mean that a country needs to achieve comprehensive institutional development before growth can occur. “ big bang ” institutional reform is typically infeasible. instead, tackling the most binding constraints one - by - one can yield substantial growth benefits. a country does not need to attain swiss level of institutional quality in order to be able to compete with swiss producers in many products. for example, china ’ s growth miracle has occurred through selective market - oriented reforms against a backdrop of pervasive economic and political institutional weaknesses. but eventually, the growth process has to evolve to be sustained. at this point weak institutions will hamper growth. transitioning towards a diverse and sophisticated growth model is only possible once institutional strength is achieved along sufficiently many dimensions. this reflects the existence of large complementarities. a strong legal system and enforcement of property rights, for example, won ’ t boost innovation much if the education system fails to produce a skilled workforce. a highly educated workforce cannot contribute meaningfully if macroeconomic stability is lacking. good macro policy will make bis central bankers ’ speeches little difference if corruption is rampant. the individual institutional elements complement each other in such a way that the whole is greater than the sum. without sufficiently broad institutional development, growth will stall. many analysts actually believe that several emerging market countries are already