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...

The 1980s have seen the beginnings of a change of heart among developing country policymakers, as the import-substitution consensus of the previous decade has all but evaporated. It is paradoxical that the 1980s should have become the decade of trade liberalization in LDCs, since this has also...