In this sixth and final part in our series on economic growth and development, I discuss in more detail some of the key institutions necessary for economic growth to begin, focusing on property rights, enforcement of contracts, and control of corruption. I review the importance of these institutions in the context of historical case studies of countries ranging from the Soviet Union to Mexico, and outline how the most critical institutions vary with the level of development, giving rise to a middle income trap. I also discuss the Washington Consensus and critically analyse the arguments of critics that such institutional reform is not essential for growth. I conclude with a summary of all we have learned and discussed throughout the growth series. The recommended pre-listening is Episode 107: Economic Growth and Development Part V.
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Episode 126: Depression and Serotonin
Special Episode: Genetic Testing
Episode 125: Earthquakes
Episode 124: Volcanoes
Episode 123: Respiratory and Circulatory Systems Part 2
Episode 17: Energy, Work, and Momentum
Episode 16: Profits and Competition
Episode 15: Chemical Bonding
Episode 14: Principles of Quantum Mechanics
Episode 13: Newtonian Mechanics
Episode 12: The Price System
Episode 11: The Origin of the Universe
Episode 10: The Cell
Episode 9: Matter and Molecules
Episode 8: History of the Atom
Episode 7: Introspection Illusion
Episode 6: Thermodynamics
Episode 5: Corporate Conspiracies
Episode 4: The Origin of Life
Episode 3: Organic Agriculture Part 2
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