Beyond faster horses: why institutions matter and why they fail in developing countries

In his speech, Kingsley O. Omeihe explains why institutions matter, particularly in developing countries. He emphasises that institutions provide the structure for economic and social progress. However, many developing countries struggle with weak institutions, which often fail to promote growth or stability. Kingsley discusses why these institutions fail, pointing to factors like poor governance, corruption, and a lack of accountability. He also highlights how, despite these challenges, strengthening both formal and informal institutions is key to building a more resilient and prosperous future.