Walton and Rockoff present a partial list of the institutional determinants that allow modern economies to flourish:

The rule of law, coupled with limited government and open political participation

Rights to private property that are clearly defined and consistently enforced

Open, competitive markets with the freedom of entry and exit, widespread access to capital and information, low transaction costs, mobile resource inputs, and reliable contract enforcement

An atmosphere of individual freedom in which education and health are accessible and valued

Explain how and why each is important to economic growth. Your answer should contain 4 separate paragraphs- 1 for each explanation.