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Neo-classical economic theory is concerned with the allocation of resources in developed economies. But if we are to understand the process of economic change in a global context we must cast our net wider. To do so requires that we understand the role of institutions in structuring human interaction - a necessary prerequisite to comprehending the dynamics of economic change. We know a good deal about what makes for successful development. We know very little about how to get there that would entail understanding the process of economic change. I shall first briefly deal with the sources of successful growth and then I shall be in a position to explore the process. PUBLICATION ABSTRACT
Douglass C. North (Sat,) studied this question.