Describes in a game-theoretical approach how the development success story Vietnam managed to keep rent seeking in check sufficiently to attract record numbers of foreign investors and exhibit strong economic growth in the early stages of its economic reforms. It concludes that pluralistic...

Recent years have seen a significant focus in the literature on growth and development on the idea that legal and political institutions are the key determinant of economic development. The main finding of this paper is that the focus on the primacy of legal and political institutions may be...