to al Russia’s ills. But North warned that “privatization without the fundamental structure of the rule of law and enforcement mechanisms to go with it does not produce desirable results”. He mentioned that there is privatization in Latin America, but privatization in the context of government fostered monopolies produces a world that does not look at all like what you want. He averred that problems would still ensue when nations are trying to improve the performance of their economy and there’s nothing you can change but the formal rules. To wit, informal constraints should also be equally addressed, in order to attain the enforcement characteristics that will produce the desired results. Providing the purpose of laying Latin America’s experience, he suggested that: What we are trying to deal with is how we can adjust and make changes in policies so that they produce more effective performance characteristics on the part of societies and economies. It is quite clear that our ability to make a radical change depends on the way in which beliefs have evolved in society, and the degree to which that set of beliefs is amenable to the kind of changes that we think are essential. As an advancement of the interconnectedness of all parts of the world, particularly in communication and commerce, globalization has become the buzzword of the Information Age. Understanding the Process of Economic Change by Douglass North.
North, Douglass C. Understanding the Process of Economic Change. New Jersey: Princeton University Press, 2005. 208 pp.
Sachs, J.D. (2005, September). Can extreme poverty be eliminated? Scientific American, vol. 293, no. 3.
Tabb, William K. (2005). Globalization. Microsoft® Encarta® 2005 (CD-ROM). Redmond, WA: Microsoft Corporation, 2005.
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