Institutions matter, especially in a period of economic, political, and social fluidity, when they shield countries from frequent volatility and reduce the risk of costly shocks. The longer it takes to restore confidence in them, the greater the impediments to our wellbeing and that of our children.
LONDON – Deeply rooted, credible, accountable, and effective institutions have long been deemed crucial for a society’s lasting wellbeing and prosperity. They shield countries from frequent and unsettling volatility, be it economic, political, or social, and they reduce the risk of costly shocks. But, nowadays, key political and economic institutions are being pressured by unusual fluidity in their operating environments and the effects of a cumulative loss of trust on the part of their constituencies.
LONDON – Deeply rooted, credible, accountable, and effective institutions have long been deemed crucial for a society’s lasting wellbeing and prosperity. They shield countries from frequent and unsettling volatility, be it economic, political, or social, and they reduce the risk of costly shocks. But, nowadays, key political and economic institutions are being pressured by unusual fluidity in their operating environments and the effects of a cumulative loss of trust on the part of their constituencies.