A reason why many of the third world countries are not achieving an increase in their standard of living is that they

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Social institutions with a strong rule of law and economic freedom are critical for economic growth and development. They provide a stable and secure environment for businesses and individuals to invest and prosper. Without these institutions, corruption, lack of property rights, and political instability can stifle economic growth and perpetuate poverty. Natural resources, military power, international trade, and a strong central government can all be beneficial for economic growth, but they are not sufficient on their own without the proper institutions in place.

A Reason Why Many of the Third World Countries Are