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Institutions and Poverty

Can poverty be reduced by changes in the prevailing institutions?  Mainstream economic theories suggest that poverty in Africa could only be reduced if African nations implement public policies capable of attracting capital from other parts of the world.  Whereas, evolutionary economics teaches  economic development and poverty elimination start by institutional (value) changes.  Mainstream economics deals with only market and quantifiable values.  No doubt, availability of capitals would raise income and reduce poverty. The fact that Africa nations implemented a good number of these public policies, and capitals did not flow to Africa as expected, instead there has been capital outflow from Africa, is it not yet time for Africa nations to consider other models that brought rapid developments in other parts of the world?

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