Institutional / Domestic/ Non-Economic factors affecting Economic Development
There are a number of domestic or non-economic factors
that act as sources of economic development and barriers to development.
Kindleberger presented several non-economic factors: “The various aspects to be
touched upon include the orientation of the individual in his society, family,
class, race, and religion, rural-urban differences, national character, size of
social unit, effect of culture on institutions, and interaction of cultural
values and economic change”
Ø The main institutional factors are
Ø Education
Ø Healthcare
Ø Infrastructure
Ø Political Stability and corruption
Ø Legal system
Ø Financial system, credit and micro finance
Ø Taxation
Ø The use of appropriate technology
Ø The empowerment of women
Ø Income distribution
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