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Why institutions matter to achieving economic and social development is certainly not a question that has arisen only in the context of mineral-rich countries. Social scientists have long pointed to institutions as well as institutional change to explain economic and social transformations. This emphasis has been revived by recent institutional theorists with backgrounds in disciplines as diverse as sociology wholesale jordan shoes , comparative history, political science and economics.

Diversity in conceptual thinking on the relationship between institutions and economic and social outcomes is reflected in the fact that there is not just one definition of what institutions actually are. Institutions are the rules of the game in a society or... are the humanly devised constraints that shape human interaction. More recent theoretical developments have defined institutions at an even more abstract example consider them to represent a system of social factors that conjointly generate a regularity of behavior.

Stocktaking of recent theoretical contributions confirms that it is at the higher order levels where the study of institutions still requires more attention. This includes questions such as how institutions are embedded in societies, how power relations are to be interpreted and how the bureaucratic functions of government are to be understood? The related governance debate emphasizes the rules of the political game and a country capacity to implement and enforce public policies and to improve public sector coordination with the private sector.

Theoretical work has linked the importance of institutions for development to a range of different micro-economic functions, such as overcoming collective action problems http://www.wholesaleauthenticjordanschina.com/ , eliminating uncertainty in the context of bounded rationality and reducing transaction costs. It has been argued that if it was not for the existence of institutions, the problems underlying these functions would undermine the pursuit of productive economic activities. For example, institutions can take a coordinating function by encouraging productive behavior, including learning and innovations wholesale jordan 10 shoes , or they can prevent actions that would otherwise undermine social cohesion and evoke distributional conflicts.

Policy-practitioners in turn have often referred to good institutions as particular types of organizations or policies, for example a particular type of trade regime, independent central banks, semi-autonomous agencies that provide a particular type of public services or standardized tools for public financial management. Policy recommendations for the mining sector in the early 1990s emphasized the creation of five institutions with specific roles wholesale jordan 14 shoes , including a ministry of mines, a department of mines, a geological survey, a mineral promotion agency and an environmental office.

While the earlier theoretical literature underlined formal institutions wholesale jordan 13 shoes , such as legal systems, property rights and contracts, the more recent conceptual work has stressed the importance of informal institutions and how they relate to formal rms re-assigning property rights have not considered that property rights are social constructs and so in order to be stable and secure they require , the theoretical policy arguments would appear to shift away from pointing to the existence of a particular laws or policies on paper and move towards emphasizing the importance of the joint perception of economic wholesale jordan 12 shoes , political and social actors that particular laws or policies are appropriate and legitimate.

There clearly is a disjuncture between the theoretical claims and practical policy advice. The ideas that have guided the theoretical debate are not pinned to particular claims regarding specific types of institutions. But the diversity of definitions and theoretical concepts may have lent itself to practical policy advice latching onto particular types of tangible formal institutions to make these the target of reforms. Examples include model laws, regulations, organizational set-ups and even software solutions in sectors as diverse as natural resource management, transport wholesale jordan 11 shoes , public finance and public administration. The challenge is that transplanting formalized types of institutions across diverse countries has failed to produce consistent outcomes. While this result does not point to the complete failure of the conventional reform approach, it places the success factors outside the remit of conventional policy advice.

On the observation that many poorly performing countries are autocratic it was tested the often repeated proposition that democratization helps resource-rich countries to manage resource wealth better. They draw a distinction between democracy as an electoral process and a strong system of checks and balances.

In turn, a strong system of checks and balances does not necessarily require a democratic electoral process. Those autocracies that have performed well in economic terms have been found to uphold strong systems of checks and balances preventing unproductive rent-seeking and the inefficient use of public resources. This finding suggests that rather than focusing on regime type, more emphasis should be placed on how political-administrative systems work wholesale air jordan shoes , and what checks and balances they provide across the public sector and between the public sector and society.
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