Development implies not just growth over a significant period of time but also progressive changes in the structure of an economy. Many influential scholars have identified the crucial role of property rights and the importance of constraining the power of the state while others highlight the importance of political settlements, development clusters, and inclusive economic and political institutions.Shiping Tang is Fudan Distinguished Professor and Dr. Seaker Chan Chair Professor at the School of International Relations and Public Affairs at Fudan University, China. In his latest book, The Institutional Foundation of Economic Development: A systemic account of how institutions shape economic development, he argues that institutions play a pivotal role in shaping and influencing economic development through four key factors: possibility, incentive, capability, and opportunity. In addition, his framework encompasses six significant dimensions: political hierarchy, property rights, social mobility, redistribution, innovation protection, and equal opportunity. Sustained economic development, however, necessitates not only a robust institutional foundation but also strong state capacity and well-crafted socioeconomic policies.Key highlightsIntroduction – 00:24What is economic development? - 03:15The development-democracy linkage - 05:19Why established understandings of institutions are incomplete - 11:30The institutional foundations of economic development - 14:45The new development triangle - 21:02Explaining China’s economic success - 25:40Power and influence of local leaders in China - 34:23Achieving sustained economic growth – 44:10 
HostProfessor Dan Banik (@danbanik  @GlobalDevPod)Apple Google Spotify YouTubeSubscribe: https://globaldevpod.substack.com/