The Effect of Institutional Quality on Economic Growth in Some Selecte

"The institutional framework creates both incentives and disincentives for economic transactions and business decisions. Firms are generally keen to invest in countries which protect property rights, have a developed legal framework and enforced rules of law, well developed public services without burdensome bureaucracy, redundant regulation or corruption. It is also important that government policies are transparent, the judiciary does not hinder business and there is strong protection against crime and fraud. Institutional failures, on the other hand, significantly raise transaction costs for firms if public institutions fail adequately to enforce property rights, fail to protect business contracts or fail to ensure an adequate level of information to all market agents." Will Bartlett et al.