 I'm not a political scientist and my specialist is not necessarily institutions as such, but I was very tempted to looking at institutional conditions because inclusive development or growth cannot be thought without looking at institutional conditions. So I have quite a detailed PowerPoint prepared. So I will skip, of course, for the sake of time. I just wanted to say this is an exciting time to do research in Africa. A lot of things, new things happening, new players coming and the FDI investment finally taking place in Africa. But still, structural transformation, despite electricity, there is a sign. Big structural transformation is not yet taking place. And as we all know that there was initially very high endemic poverty and high equalities at independence. But since independence, 50 years, if you look at it, that growth patterns cannot be set for the poor. Actually, it has been thought of against the poor over 50 years. And it is, of course, growth was not good. But I emphasize that there wasn't any proper conduit and the channels from which growth, even if they are translated into broad-based development. So pattern of economic growth was not necessarily inclusive at all and shared growth. And yet we know that both rates of growth and the pattern of growth are very much influenced by institutional environment. And when we talk about institutions, it is very important, critically. Economist talks institution in terms of what sort of institution are growth enhancing and efficiency gains. But it is very important institutional conditions for distributional outcomes. So I try in these papers to see what broad, very broad-brushed presentation, but try to see what sort of foundation are necessary to think about institutions which are inclusive. I have another paper which looked at growth distribution nexus. But in this paper, shared growth or inclusive growth could be approached from two angles. One is how to share growth. So gains from growth is shared, exposed through some sort of mechanism. Often retrospective fiscal tax comes up, so they transfer mechanism policies for distribution. That is literature growth with redistribution. How to do it with pie created, how to redistribute. I take in this paper much more broader definition of broader. Since my paper is not inclusive growth as in the conference, but inclusive development. Because I think it's a development process which is important. And shared growth is interpreted as inclusive process of growth, sharing opportunities, example, all encompassing inclusive of the poor. So how to create that sort of development process is something, example process. That is what I try to engage in. And looking in this paper, especially from the angle of institution, what sort of institutional transformation is required to address root cause of inequality, which prevent making broader based development from taking place in sub-Saharan Africa. And objectives therefore it is explore the past. And for that, we can talk institutions very broadly without analytical framework. But I found this endogenous institution, institutional changes, by Greif and Aoki, both at Stanford University, proposing comparative institutional analysis, which are, you know, building from north, Douglas, north, and all other institutional economists, looking at more institutional organization diversity. And I found that is very, very interesting framework and I want to share with you. My paper, as Eric did, I first put it, what is paper about. And outline is, of course, first analytical paper, how I try to understand institution configuration. And importantly, I try to see as a system for development, particularly dynamic interface institutions are interpreted as a rule of the game and the player of the game, which are organizations, not only individuals. So dynamic interface organizations, institutions, rule of the game. And then specifically looking at analytical framework institutions and how to understand that relationship, inclusive development, distributional issues. And then I introduce endogenous institutions and institutional changes, which are, for me, very important concept build analysis. And then section three is very broad brush, what happened in Africa. Looking at from this institutional configuration system, the domestic institutional environment and then interface international domestic conditions, particularly reform era, why they couldn't really create institutions as such which are workable endogenous institutions. And then what is the new millennium, what is the new conditions and I try to provide concluding remarks. Institutions, we know generally, I don't want to discuss a lot, but from an economics point, there are a lot of growth literatures, Roderick, Semolobleau and every mainstream growth literature, which talk about institution and growth relationship. But when it comes to more nitty-gritty of what are the institutions, there are new institutionalism and old institutionalism and there are distinct differences. But today I'm looking at more new institutional perspective. I have another paper writing from more structural view of it, but today I try to look at this analytical framework. I know this definition is well known, what is this institution, humanly device to constraint through incentive and sanctions, shaping human transactions, exchanges and structure opportunities. So that's broad one. But importantly, that consists of formal rules, which are constitutional property right rules and contracts and informal one, which are social norms and customs mindset. This all have to come together to create institutional environment. And then Aoki build on it and talk about institutional configuration as a system, it's complex and diverse and it's formal and informal and it create multiple equilibrium. And that was very interesting for me to go through that how equilibrium shift from one to another. And the good life also looks similarly, but looking at regularity of social behavior, social rules to guide or motivate individuals. But I thought importantly looking at individuals are not only just individuals versus state, but they act, interact as organization, member of different organizations association. So we have to look at dynamics, institutions and organizations. There are different particularly institution organizations, institutions create framework, but collective action takes place within organizations and bounded by common purpose. So organization has particular way of placing, defining it. And institution, if we look at institution as general rules of the game, organizations are players of the game who can act as agent of institutional change. And that's important because associations and organizations are important player, agent for change. So dynamic interface, organization, unit of channel and again within organizations they create different rules at different levels and the rules is set through collective actions and the political process. And there is hierarchical order of two perspectives that rules is exogenous predetermined outside the domain of economic transactions, legal and social norms, rules of the game and economic institutions like contract, market, organizations, their hybrid, rational, transaction cost saving response within these constraint rules. So I look at the system of institutional configurations from this point of view. So basically course and Williamson's transaction cost economics is looking at functional role of organizations for efficient contracts and minimizing transaction cost. So I tried understanding this relationship between transaction cost perspective and the rule of the game perspective. But within Neoclassic and no institutionalism they all take very functional view on the role of institutions. And as I said for inclusive development it's important to look at the distributed outcome how determined by institutions as opposed to structural view taken by all the evolution of institutionalism. As I said Aoki and Grave use equilibrium analysis and agency theory as strategy game theories and looking at particularly this perspective and they emphasize organizational institutional diversity as a system for development outcomes also efficiency and distribution. And here Aoki, Hayami, Grave, Aoki lots try to combine new and old institutional approaches together. And when it comes to specifically institutions and that relationship inclusive development there are literature on this. One which came out earlier is by Samuel Bowles and other his colleagues looking at why institutional configuration institutional environment can create poverty traps. And they define institutional poverty traps takes place when institutions that implement unequal division of the social product so there are distributional outcome from that institutional configuration is very unequal but at the same time if they cannot provide efficiency gains then they fail both sides and the poor cannot have a voice in this creating different institutional environment because they don't have coordination abilities for collective action to tip from unequal to more equal set of institutions. So that is institutional poverty traps which are initially started looking at this relationship of institutional inclusive development and then it comes as Eric mentioned this small group Robinson looking at two set of contrasting set of institutional characters inclusive and extractive one and economic and political ones. Economic institution inclusive ones enforce property rights create a level playing food and encourage investment in new technology skills versus extractive ones structure to extract resources from the many by the few that's economic inclusive extractive one. Political institution inclusive one is distributing political power in pluralistic manner with some political centralization versus extractive one which concentrate power in the handle very few. And they try to provide narratives looking at powerful synergy between economic political institutions and try to see how these institutional environment change dynamics of distribution and efficiency and they save versus vicious circle created extractive institutions sometimes spur the growth but cannot sustain but they cannot encourage innovations and the institution always constantly drift around but the major institutional change taking place at critical junctures when exogenous things happening and so when I looked at their books about their definition narratives joint determination economic political institutions imperative inclusive over extractive that's not much disagreement on that we all want inclusive political economic institutions but the real challenge remains when we try to think about how to create institutional foundations then this accepting desirable general home institutions and home and establishment by itself does not build because as you remember institutions is configuration home and informal one and inclusive institutions I mean they should be underpinned by shared belief and the norms and the inclusive institutions may be achieved through different transition paths and that's where Alki Grives and Hayami's comparative institutional analysis which are very much looking into diversity is very important these inclusive institutions do not necessarily do more equitable distribution outcome economic policymaking they are necessary but not sufficient condition I think and settled arrangement institutional arrangement dictated and determined by political power relationship and conflict resolution mechanisms and you know US, British, all these inclusive institutions cannot be created without that struggle so institution development is not a simple convergence towards our emulation best practice somewhere else but it has to be endogenously created so what is endogenously created institutions should be endogenously developed in a specific local context so African context it should be viable, sustainable and formal institutions which simply supplanted from outside without careful adaptation cannot work and inter dynamics between institutions and organization are very critical critical forces for social change and socially politically sustainable development in both institution innovations and for local settings so comparative analysis institutions very important endogenously institutions it's self-enforcing, self-sustained system of shared belief and from that point it comes to my sub-Saharan African stories which I will be very quickly go very important to understand what is government and endogenous institutions what is government and state government is organization as defined in Aoki play of the game in this political demand where state is stable order of relationship between the government and private agent and that changes from one stable equilibrium to another one depending on this inter-player dynamics, organizations and institutions and market development will force real nation state and third party mechanism are necessary and this public-private relationship are very important therefore institution development nexus and three prototypes of the state democratic state can be also different shade of social democrat federal system, pluralist bureau one, developmental state all kind of democratic state also there are collusive relationship between state and private agent which is particularly state government uses particular group of private sector as collusive reason and predatory and the story which I wanted to build which I cannot go through with time limit is basically early years in Africa they try to have developmental visions they inherited very much extractive political economic institutions as a small group Robinson but huge gap between leaders high visions and institutions configurations and state centered development without having impersonal state institutions continuously accommodating extractive political economic institutions and they didn't have proper tax and public goods provision proper interface between private and public relationships so this negative public private interfaces created early years very not conducive inclusive one when it comes to reform period fiscal retrenchment who are under provision of public goods and government engaged more with donor community which pushed policy conditionality their own donor crafted policies it was not endogenized and therefore it didn't create any endogenous institutional change from the early years so formally even if they create democratic state it didn't have substance and proper private public interface now with Africa changing I'm finishing Africa changing I will go to concluding remarks but basically there are institutional traps that has kept poor from benefiting from growth in Africa sweeping generalization I made of course I know Africa is heterogeneous but I just make it narrative and shift from this low institutional to new one is very important but importantly looking at self creating self sustained system of shared belief informal in the sense social norms and it had to build what is there in Africa it cannot be supplanted from outside and functional coalitions through better fiscal dialogue I mean Africa lot of resource rich economies they didn't need to broaden tax base because they had natural resource rent and so they didn't really converse with private agent as such they didn't have provision of public goods private public relationship was very unproductive that has to be changed and functional coalitions is very important broaden tax net in return for improved public service and sustained public goods so that informal fragile informal activities can be mainstream and broader engagement in official economies away fragility of informal economy and negotiate better deals globalization is a critical juncture it create opportunities but very much challenges globalization need strong nation state and for that you need functional strong coalition and building pro-developmental institutions are necessary and aid community is just handmade for participating this creating institution local institution configuration they cannot be driver that is a story I just quickly wanted to say thank you