Building institutions for markets.

"This report is about building institutions that support markets which promote growth and reduce poverty. It analyzes the myriad of institutions--formal and informal, public and private--that people build and use to undertake activities that maximize returns and to manage risk in markets. These institutions range from unwritten customs and traditions to complex legal codes that regulate international commerce on the cutting edge of technology. Some developing countries have been able to harness such market-supporting institutions to improve the welfare of their people, but others have not yet achieved the same degree of success. Drawing on a wealth of research and experience from inside and outside the World Bank, this 23rd edition of the World Development Report moves toward a deeper understanding of market-supporting institutions and a better appreciation of how people can build such institutions."--Book cover.