In recent years, however, it has become evident that institutions have an important impact on entrepreneurial activities and thus on the creation of wealth. In each society, the incentive system determines how market participants behave and consequently their ability and willingness to take part in wealth-creating activities... displayed 300 characters
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In each society, the incentive system determines how market participants behave and consequently their ability and willingness to take part in wealth-creating activities. A country's laws and institutions determine the incentive system which citizens face. Consequently, one can argue that the several constraints to development in Africa named above are actually evidence of poorly designed, weak and inefficient institutional arrangements... displayed 300 characters
