This policy paper is part of a discussion series on subject of growth and economic performance at the New Zealand Ministry of Economic Development in 2004. It provides a brief view of growth and social change taken from the perspective of market process theory in order to establish the following...

The last fifty years of development aid have not been rewarded with success. Part of the reason for this failure has been the focus on macro approaches and policies, which did not emphasize the local institutional context faced by economic agents.In the last decade, the notion of institutions...