Formal institutions, human development and entrepreneurship: a comparative study between highly developed countries and member countries of the pacific alliance
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Keywords
institutions, human development, economic freedom, entrepreneurship, Formal institutions
Abstract
In this paper a comparison is made between highly developed countries (Australia, United Kingdom, Canada, United States, Sweden, and Finland) and the four member countries of the Pacific Alliance (Colombia, Mexico, Peru and Chile), trying to find possible relationships between formal institutions, rate of entrepreneurship and human development. It is a descriptive-correlational scope study which uses information derived from the World Bank’s Governance Indicators (2018), the Heritage Foundation’s Index of Economic Freedom (2018), the Global Entrepreneurship Index (2018), and the United Nations Development Program’s Human Development Index (2018).It is concluded that there is a positive relationship between the quality of formal institutions and the level of human development in the countries that were compared.
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Cesar Ignacio Leon Quillas, Universidad del Valle
Economist from the Universidad Nacional Mayor de San Marcos. Master in Business Administration from the Icesi University and professor at the Universidad del Valle. Email: cesar.leon@correounivalle.edu.co. ORCID identifier: https://orcid.org/0000-0003-4144-919X
Hector Fernando Rueda Rodriguez, Universidad del Valle
Industrial engineer, Master in Organizational Sciences from Universidad del Valle and full-time professor. Regionalization system of the Universidad del Valle. Email: hector.fernando.rueda@correounivalle.edu.co. ORCID identifier: https://orcid.org/0000-0001-7998-0328.
Carlos Hernan Gonzalez Campo, Universidad del Valle
Economist, Master of Organizational Sciences and Doctor of Administration. Full-time professor at the Universidad del Valle. Email: carlosh.gonzalez@correounivalle.edu.co ORCID Identifier: https://orcid.org/0000-0003-2120-8209.
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