Institutions, organizations and social capital: explanatory factors of growth or backwardness of nations
Piedad Patricia Restrepo
The goal of the article is to highlight the importance of institutions, organizations and social capital within the growth process, either as efficiency or inefficiency promoters. This is particularly valid for underdeveloped countries which are characterized by an inefficient institutional structure, low confidence levels and a lot of delinquent organizations which as a whole give rise to negative phenomena for a long run growth such as corruption, clientelismo, and rent-seeking. The main point of the analysis lies on social capital since it is the least explored element both theoretically and empirically. In the last part of the article some institutional reforms are proposed as the best way to increase the stock of social capital.
Social capital, institutions, organizations, rent-seeking, corruption, political market, underdeveloped countries.
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