03/17/2014 01:31 pm ET Updated May 17, 2014

Good Governance Matters in Whether Societies Go Backward or Forward

PETER PARKS via Getty Images

From Project Syndicate

It is the nature of governance that determines whether people deploy their talents and energy in pursuit of innovation, production and job creation, or in rent-seeking and lobbying for political protection. The contrast is starkest in emerging countries, but differences also exist among the advanced economies.

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