Chapter 1 made reference to the ‘New Institutional Economics’. It argued that many assumptions of neoclassical economics are idealizations that are not found in real-world situations. Thus, the political and legal framework is very important for the practice of economic development. The opening chapter also made the distinction between government and governance. The word ‘governance’ tries to capture the idea that governments work and negotiate with a range of other actors from the private sector and civil society, and the whole process spans different spatial scales. There were once clear distinctions between the different sectors, and governing was unambiguously the preserve of government; today the situation is more complicated.
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