Relationship between governance and development: Analysis of development differences among regions

The governance-development relationship has recently encountered increasing interest in political science, management science, economics and related literature. The opinion that the policy mistakes of less developed and developing countries hinder development has particularly highlighted the importance of governance institutions. With the phenomenon of globalization and general acceptance of Post-Washington Consensus, a standard framework for governance institutions that promote development has been established. However, the structure of governance is shaped by internal factors such as the historical background, culture and beliefs of the relevant country/region. This study investigates whether there are Global Standard Institutions (GSIs), which are the framed by the Post-Washington Consensus and promoted as a development prescription by international economic organizations. In this context, another research topic is how the institutional components of the governance-development relationship differ between regions and the reasons for this differentiation. The main material investigating all these questions is the Regional Development sections of Economic Freedom Index reports published annually by the Heritage Foundation. The mentioned documents have been analyzed using the document analysis method, one of the qualitative analysis methods and the effects of governance institutions on development have been analyzed specifically for regions. The findings show that there are no standard institutions that promote development for each region; instead, different inclusive and extractive institutions stand out for each region. It has been understood that inclusive governance encourages individuals participation in economic activity, while extractive institutions push individuals out of the processes, showing varying effects on regional development.