The Governance Threat to Prosperity
Maintaining policy stability has long been recognized as essential to long-term investment and economic development. But the past few years have been characterized by growing polarization and political instability, which increases the risk of abrupt policy reversals that could dampen investment and undermine growth.
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MILAN – For several decades, markets and market incentives were the main drivers of economic trends and policies. No longer. We have now entered an age of political economy, in which the actions of governments and the possibility of drastic policy shifts have become the main determinants of economic performance.