Paldam, Martin; Gundlach, Erich - School of Economics and Management, University of Aarhus - 2007
The Grand Transition (GT) view claims that economic development is causal to institutional development, and that many … Insti¬tu¬tions (PoI) view claims that economic develop¬ment is a consequence of an exogenous selection of institutions. Our … development is unlikely to be successful as the key strategy for the economic development of poor countries. …