TREAT INSTITUTIONAL VOIDS AS BUSINESS OPPORTUNITIES

Another way to build emerging giants is for private sector businesses to fill institutional voids. Only governments can set up certain institutions, but companies can own and profitably operate many kinds of intermediaries in product and factor markets. Many institutional intermediaries facilitate the flow of information in markets; these include newspaper publishers and database vendors. Some intermediaries enhance the credibility of the claims sellers make – for instance, accounting firms, quality-certification firms and accreditation agencies.

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Source:- IIPM Editorial

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... when many other regions have progressed on to get branded as ‘First World’!

And these developments, in part, are the result of a phenomenon that has been observed for some years by specialists and polling organizations in Latin America: As the elected governments became more formally democratic, citizens expressed an increasing disillusionment with the way democracy functions and “lack of faith” in the democratic institutions. They have sought to construct democratic systems based on popular participation rather than elite and foreign domination.

A persuasive explanation for the decline of faith in existing democratic institutions has been offered by Argentine political scientist Atilio Boron, who observed that the new wave of democratization in Latin America coincided with externally mandated economic “reforms” that undermine effective democracy.

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Source:- IIPM Editorial

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