According to Nobel Prize winner Douglass North,the most important factor in limiting economic growth in developing countries today is ________.

Question

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According to Douglass North, the most important factor in limiting economic growth in developing countries today is the inability to develop effective low-cost contract enforcement. This refers to the lack of efficient legal systems that can enforce contracts and protect property rights, which are crucial for creating a conducive environment for businesses to operate and for fostering economic growth. The other options, such as low saving, high inflation, and inadequate healthcare, can also impact economic growth, but they are not as significant as the lack of effective contract enforcement.

According to Nobel Prize Winner Douglass North,the Most Important Factor