Bostwana
1) The Harvard case, ¡§Botswana: A Diamond in the Rough¡¨, describes the exceptional case of Botswana¡¦s sustained economic rise from near absolute poverty to a country with a 10% average annual GDP growth for more than four decades. This case shows that healthy economic gains can be achieved by a mixture of formal institutions and ad hoc substitutes for missing institutions.
When Botswana gained its independence in 1966, the country lacked many of the institutions deemed essential for economic growth by most prosperous developed nations. These absent institutions included a central bank, a national currency, basic administrative structures, market institutions, and the ability to connect to the global markets and apply external tariffs. Yet, Botswana was unique among its neighbors in that it held institutions such as a stable, democratic government supported by a charismatic leader and a constitution which upheld the liberties of a free press, legal transparency, and......
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