Replicating Hong Kong

Several years ago, Paul Romer, an economics professor at New York University, was struggling with a very basic question: why it is that some areas develop and reduce poverty, while others languish? His conclusion—embraced by private sector specialists in development organizations worldwide—is that the key factor in successful poverty reduction is good governance, or as he puts it: people in poor countries around the world suffer from “bad rules” that hinder their development.

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