The ultimate explanation of economic development — I will argue — lies not in economic factors, such as land, labor, and capital, or even in social forces, such as education, religion, and entrepreneurship. Rather, all these will be added when most people learn, as the Japanese and northwestern Europeans did, that it is good business to be just and considerate toward one's neighbors; to solve quarrels peacefully; to be held accountable for the efficient use of resources (both public and private); and to abide by modes of behavior — hereafter called institutions — that have been negotiated and agreed by interested parties.
A History of Wealth and Poverty: Why a Few Nations are Rich and Many Poor - John P. Powelson
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