It has been argued that the low standard of living in many less developed countries depend on their poor institutions. Explain carefully what kind of “institutions” this argument refers to.

Macroeconomics: Private and Public Choice (MindTap Course List)
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ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter17: Institutions, Policies, And Cross-country Differences In Income And Growth
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It has been argued that the low standard of living in many less developed countries depend on their poor institutions. Explain carefully what kind of “institutions” this argument refers to.

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