Public and Private Institutional Elements for Inclusive and Sustainable Development

Abstract

This article contributes to sustainable development literature by extending the investigation on diversified public and private institutional elements and the link between them and a broader spectrum of inclusive and sustainable features. The study utilizes the World Economic Forum's data of related variables for 30 developed countries. The countries are competitively ranked based on the quality of each of the above institutional and development elements. Then, nonparametric Spearman's rank correlation tests are performed for the pairs of each institutional and respective development constituent. The assumption behind the tests is that a country with better qualities of institutional factors is also in a position with higher levels of inclusive and sustainable development. Significant positive associations are found for most of the institutional factors, and employment and eco-adjusted savings elements while significant negative relationships are found for most of the institutional factors and poverty, Gini coefficient (inequality), and carbon intensity elements.