Abstract EN:

It was increasingly recognised that a country's main ressource is the quality of its political and economic institutions. The poor countries are held back in their development efforts by their failure to adopt and implement appropriate policies and to nourish the appropriate economic institutions. As the formally communist countries, the developing countries have to face enormous institutional challenges. Institutional economics have provided major insights in our understanding of underdeveloppement as an institutional failure. The lack of fundamental rights to property and contract enforcement, the lack of safe places to accumulate savings, the bureaucratic arbitrariness or corruption illustrate the problem of poverty and the importance of improved institutions. The tenacity of vested interests, the problem of collective action and informal institutions in bringing about institutional change are sometimes understated. There is not an engineering solution to the problem of poor institutions. The approach of institutional economics provide a framework for thinking about the challenges of development, which can lead to more realistic solutions and more effective strategies for reform.