The Daily Telegraph offers one of the most vivid illustrations of how institutions affect economic growth. It does this by showing photos of Shanghai in 1987 and in 2013. The contrast is stunning.
Start with the 2013 view of Shanghai, the financial center, or "New York City", of China.
Now, compare it to the view in 1987.
The difference? Private property rights. Institutions really do matter.
LeeCoppock.com 