Why do some middle-income countries diversify their economies but fail to upgrade - to produce world-class products based on local inputs and technological capacities? Why have the 'little tigers' of Southeast Asia, such as Thailand, continued to lag behind the Newly Industrializing Countries of Eas[...]
Many believe that economic development is primarily a function of institutions that help societies reap potential gains from interdependent actors. The norms, rules, and organizations that "govern" transactions are meant to resolve the collective action problems at the heart of economic development.[...]