Abstract
Institutions hold a vital position in society as they significantly mold human behavior as well as determine the social outcomes of a nation. In the modern world, institutions can take on formal or informal kinds. Notably, the formal ones are governed by several norms and legislation. Such formal institutions often lead to significant outcomes within the development process of a country. This particular research places a concentrated focus on the role of different types of institutions in the process of development, highlighting the impacts that a wide array of institutions have on social and economic outcomes. The study takes into account a democratic institution along with a centrally controlled institution. Through the analysis, it could be found that the centrally controlled institutions that are portrayed by China have a greater level of efficiency, which leads to more optimal allocation of resources and swifter growth, thereby contributing significantly to the overall progress and prosperity of the nation.
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