4 Factors in Building a Sustainable Economic Growth

I once wrote that I have the solution that will change the country - Nigeria, and I wasn’t joking.


Many nations have risen and many have fallen, and reason connected to the same factor. Take the economic power waded by Great Britain in the 1900s and now, and consider that of China. You will understand that having a great institution that can sustain a viable system is the key for national prosperity.



The institutions - the framework within which human beings think, interact, and carry on business - are the foundation of national economic performance. More specifically, four institutions stand out as prerequisite for economic growth:

__Secure property rights, not only for physical property, but also for intellectual property and one’s own person (civil liberties);

__A systematic procedure for examining and interpreting the world – the scientific method, e.g. scientific rationalism;

__A widely available and open source of funding for the development and production of new inventions - the modern capital market;

__The ability rapidly to communicate crucial information and transport people and goods.

Only when all these four factors are operable can a country prosper, because then the obstacles to human creativity are decreased, which makes the number of inventions grow.

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