Secure private property rights are essential for economic growth in Africa
Karol Boudreaux and Paul Aligica argue that the results of traditional approaches to development policy have been disappointing. Instead, the focus needs to be on the adoption of sound political and legal institutions. In particular, clearly defined and enforced private property rights are needed to encourage entrepreneurship and economic growth. However, institutional environments in Africa are both complex and challenging, and the creation of secure property rights is far from a straightforward process.
The authors examine several case studies of property rights reform in the developing world and suggest that universal policies applied regardless of local culture and tradition tend to fail. Reforms are more likely to succeed when they evolve gradually and are tailored to local norms and values rather than imposed from above by governments, aid agencies and supranational institutions.
This publication is part of the ongoing Enterprise Africa! project financed by the Templeton Foundation.
2007, Hobart Papers 162, ISBN 978 0 255 36582 6, 113pp, PB
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