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The Role of Institutions in Economic Development

  • Douglas North

    (Washington University)

This paper provides the text of the Gunnar Myrdal Lecture presented at the U.N. Palais des Nations in 2003. The lecture suggests that the gaps in income per capita between richer and poorer countries largely reflect the quality of their institutions. Institutions, by reducing uncertainty, are the key to facilitating cooperation which allows the realization of the gains from trade and exchange and the advantages of increasing specialization. It is argued that there is no single strategy for institutional design that will fit all countries.

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File URL: http://www.unece.org/fileadmin/DAM/oes/disc_papers/ECE_DP_2003-2.pdf
File Function: First version, 2003
Download Restriction: no

Paper provided by UNECE in its series ECE Discussion Papers Series with number 2003_2.

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Length: 11 pages
Date of creation: Oct 2003
Date of revision:
Publication status: Published in UNECE Discussion Paper Series, No. 2003_2
Handle: RePEc:ece:dispap:2003_2
Contact details of provider: Postal: Palais des Nations, CH - 1211 Geneva 10
Phone: +4122 917 44 44
Fax: +4122 917 05 05
Web page: http://www.unece.org/
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