Social institutions and economic development

In the post colonial countries, suffered from pauperized agriculture on the one hand; and, virtual deindustrialization on the other, achieving faster rates of economic growth was naturally a preeminent objective of the economic policy. For without substantially increasing, on a sustained basis, the volume of production of agricultural and industrial goods and, making available to the masses public, quasi-public and merit good in sufficient quantities, it could have been futile to talk of creating more employment opportunities, raising levels of living of the people in general, and reducing the mass poverty.