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The Significance of Institutionalism for Increasing Wealth at Multi-Levels of Latin American Small States
Abstract
The text states the problem in connection with defining the dilemma of small states, the advantages and disadvantages of being small and gives a brief background of how the problem developed, a brief history of how dependency developed and at the same time offers a solution, a futuristic perspective on development planning that eliminates the problem of dependency. The authors argue that the attempts of supra national institutions and NGO's to foster a Neo Liberal approach to development without implementing strategies for bolstering the social institutions of particular states has crippled their effort to create sustained economic development, although it has contributed to spiking material assets and creating a bubble for the financial sector and certain segments of production but per capita income of the general public has not benefited from such strategies and indeed on some cases their interest of the general public has been hurt.
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