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 47: Vision Part 3
Episode 46: Vision Part 2
Episode 45: Vision Part 1
Episode 44: Cell Division
Episode 43: Electric Forces and Fields
Episode 42: Gases and Gas Laws
Episode 41: Flotation and Fluid Mechanics
Episode 40: Gun Control
Episode 39: Sovereignty and the State
Episode 38: Neurons and Synapses
Episode 37: Oxidation and Reduction
Episode 36: Consumer Choice Theory
Episode 35: DNA Structure and Function Part 2
Episode 34: DNA Structure and Function Part 1
Episode 33: Disturbing Social Psychology Experiments
Episode 32: Light and Optics
Episode 31: Solutions and Mixtures
Episode 30: Systems of Government
Episode 29: Operant Conditioning
Episode 28: Classical Conditioning
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