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The article presents a doctor of philosophy (PhD) thesis which discusses the connection of informal institutions such as norms, religion, and customs with economic development. It highlights the theories of several philosophers including Karl Marx, Friedrich A. von Hayek, and James Coleman. It explores country-level case studies which examines the importance of these institutions as determinant of long-term economic progress in Mexico, South Korea, and Morocco. It concludes that informal institutions can both speed up and slow down the process of economic growth.