" A first one where institutional reform is less relevant."
"Success in this region is the result of good "policies" in contrast with the deep changes in institutions that are required later "
" economic reforms as opposed to institutional reforms"
"The second phase of growth takes countries beyond
the level of $10,000-$12,000 of income per capita. "
"It is in this second phase
when the correlation between institutions and income per capita
becomes strong and positive."
" No rich country has weak institutions
so reform becomes a requirement to continue growing."
"The Great Wall".
" Economies either climb the wall to become rich
or they hit it
and get stuck."
" the former Soviet Union collapsed after not being able to "go through" the Wall with its institutional setting"
" Venezuela and Argentina do not seem to be able to take their economies to the next step."
