SABC Digital News – Economics Unbound | Economic importance of institutions – Sipho Nkosi
Institutions are the rules of the game in society. They shape human interaction. They structure incentives in human exchange, whether political, social or economic. They are the press or the judiciary, parliament, law-enforcement contracts and contract enforcement, the rule of law, government bureaucracies, financial markets, the schooling system and so on. They are not just bricks and mortar, though…They also, however, include habits and beliefs, norms and traditions. Earlier I caught up with former Exxaro CEO Sipho Nkosi, he has in his life built up a few strong institutions. We started by asking him how he thinks asked how we can recover from institution degeneration.
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