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Article: Wealth, economic infrastructure, and monetary policy.
- Article from:
- Economic Commentary (Cleveland)
- Article date:
- August 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 Federal Reserve Bank of Cleveland. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A country's choice of institutions profoundly affects its wealth and development. Institutions constitute a nation's economic "infrastructure," the framework on which enterprise is built. Perhaps the most important element separating economic "haves" from "have-nots" is whether these institutions - and particularly public institutions - either facilitate or confiscate production. One of those institutional arrangements is the monetary regime.
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