Development Strategy and Economic Institutions in Less Developed Countries

* We thank Binkai Chen, Kai Guo, Zhiyun Li,Yong Wang, Bernard Yeung, all members of CCER Development Worshop and seminar participants at NYU for their helpful comments. Much of Zhang’s work for this paper was done at CID Harvard University and NBER. Zhang would like to thank Martin Feldstein, Ricardo Hausman and Dani Rodrik as well as these two institutions for their kind hospitality. Of course, the usual disclaimer applies.

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