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The pattern of development of the economies of Europe and the world in recent decades is a focus on sustainable development. In accordance with the declaration of the United Nations Conference of 1992, sustainable development is defined as "equitable meeting the needs of present and future...
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We present a simple model that illustrates how democracy may improve the quality of economic institutions. The model further suggests that institutional quality varies more across autocracies than across democracy and that the positive effect of democracy on institutional quality is increasing...
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