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Africa Economic Brief - Volume 9 Issue 8 - Institutions in Transformational Governance: Lessons for Africa
Institutions and governance capabilities are important determinants of the path and pace of development. Institutions are rules that describe how resources are allocated or choices and decisions are made, while governance capabilities describe how power and authority are used to enforce or ensure adherence to particular rules. Both are important for explaining the stability and credibility of property rights, the efficiency of markets, how political decisions about resource allocation are made, and how and to what extent important market failures can be addressed. Much of the institutional and governance advice given to developing countries in Africa and elsewhere has focused on the definition and protection of property rights, and the institutions and governance capabilities required to make markets more efficient.