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Institutions matter. They are the foundation on which growth, investment, and economic stability must be built. Or is it the other way around? Is it economic shifts that give rise to modern institutions? Economists have sought to identify the causal relationship between these two for a long time; last year, three economists won the discipline’s Nobel Prize for work that seemed to demonstrate how institutions that were supportive of investment, and not extractive, could lead to decades, indeed centuries, of growth.
We are living in the middle, however, of a great experiment. We owe this to American President Donald Trump,
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