The Role of International Fragmentation in the Development Process

Much of what has been written about the process of economic development has concentrated on macroeconomic factors that affect the growth process, such as the community’s savings rate, its ability to attract foreign investment, and the composition and quality of its factor-endowment base. Less formally dealt with, but nonetheless often cited as important in the development process, is the nature of government regulations and the type of institutions that are reflective of the community’s own cultural inheritance…