Question

Should rules and norms prevalent in rich countries be followed by poor countries? Should certain institutions be universal? If so, which ones and why?

Answer 1

Yes it is true that rules and norms are prevalent in countries and specially to be followed by poor countries because the development then marked to be produced and developed by the rich countries tells their success story. And poor countries does not have sufficient resources to try and to experience and then to implement and this is the only reason that the countries always follows the rules and norms developed and maintained by the rich countries.
It is common that we always follow in our day-to-day principles, and the rules. The successful person who lives in the poor countries always look forward for a successful project plan in rich countries. Yes there are certain Institutions which are universal, it means that these institutions are existing both in the rich countries and in the poor countries.
The best institution in this category is the central bank. It is exhausting in every countries and central bank is regulating authority to control the money supply in the economy, this is the only reason Central banks are called as the Apex Institute of the economy.
The Other institute in this category is the Foreign Exchange departments which handle the export and import and maintain the balance of payment deficit and surplus. This is also a common Institute which is applicable in all the nations