Economic Development and Institutional Economic Mechanisms In Emerging Countries: A Case of Iraq

Abstract

The institutional economy is concerned with the role of enterprises in economic activity, access to efficiency, and shaping economic behavior. Because institutional procedures are critical in various productive activities, a state suffering from decline and a lack of institutional practices will not advance economically. It also emphasizes the importance of Conducting extensive research on institutions and market views and the many interactions between persons and institutions in society to improve the position of society's members and the state as a whole on both the local and local international level. This study aims to illustrate the historical context of the institutional economy and its contemporary advancements. It seeks to show the dynamics behind current institutional economies. Finally, it tries to provide light on Iraq's institutional architecture through several indicators. The findings reveal that Iraq's institutional economy is deteriorating across several economic sectors, which has resulted in rampant corruption. In addition, restricted limits on productive activity have harmed the country's economic progress.