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This paper focuses on governance from an institutional economic perspective in trying to better understand the complexities of the decision making process and their implications for economic outcomes and growth. The paper is divided into six sections. Section I provides an introduction and background. Section II sketches various governance models within the conventional western paradigm. These are basically the „market-based‟ model and the „relationship-based‟ model. A recent third paradigm is also gaining momentum in the literature, namely „family capitalism‟ or the „family business‟. Together, these three models or frameworks may be construed as the quantitative perspective to governance, driven by a rule-based environment. It will be indicated that these models are a necessary but not sufficient condition for effective and qualitative delivery of governance ensuring trust, honesty and integrity. This section also emphases the critical importance of institutions, cultural traditions, value systems, mores and history as crucial ingredients in the development process over and above issues of compliance.

The political economy of governance and development: towards a new worldview