This paper explores the prospects of success of 'Local Economic Development' (LED) for the less developed countries. The concept had much success in the context of the developed world. The less developed countries, however, present a scenario where power and social structures present a...

What explains poverty of Sub Saharan Africa and South Asia? One view holds the disease environment of these regions as the primary culprit. Others see it as a typical symptom of growth retarding institutions. We test validity of these competing assertions for a cross section of countries. Our...