When institutions do not protect private property rights,do not uphold contracts,interfere with the working of markets,and erect significant barriers to businesses and occupations,they are referred to as ________.
A) inclusive economic institutions
B) exclusive economic institutions
C) extractive economic institutions
D) transitive economic institutions

Question

Quizplus · Accepted Answer

Extractive economic institutions refer to institutions that do not protect private property rights, do not uphold contracts, interfere with the working of markets, and erect significant barriers to businesses and occupations. This ultimately leads to the concentration of wealth and power in the hands of a few, stifling economic growth and development. In contrast, inclusive economic institutions protect property rights, uphold contracts, and promote market competition, leading to greater economic prosperity for all. Transitive economic institutions and exclusive economic institutions are not commonly used terms in economics.

When Institutions Do Not Protect Private Property Rights,do Not Uphold