Economists have a variety of definitions of institutions and a plethora of factors impacting and bringing about a change in them. Understanding of what brings about a change in institutions is very important from the point of view of economic development. The important question is notwhich...

The Asian economy has shown robust and sustained growth in the period 1980-2009, with the region's real gross domestic product (GDP) in purchasing power parity terms increasing more than sevenfold as compared to only threefold in the world economy as a whole. This spectacular growth has lifted...