The culmination of a long-lasting and impressive research program,
this book summarizes the relationship between economic development
with income on the one hand and the evolution of institutions on
the other; the transition of countries from one economic and social
system to another. The author considers the transitions of two
types of institutions: The first is external; it is
legal-administrative systems with staff and buildings. The
political system and the economic system are considered. The second
consists of traditions and beliefs. Here corruption and religiosity
are considered. Contrary to the claim that institutions are causal
to development, this book demonstrates that the main direction of
causality is from income to institutions. As countries get wealthy,
they become secular democracies with low corruption and a mixed
economic system. In this impressive coda, Paldam shows that the
evolution of institutions is not causal to the economic growth
process but rather follows it.
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