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Deeply rooted, credible, accountable and effective institutions have long been deemed crucial for a society's lasting well-being and prosperity.The implications vary, with a much higher probability of adaptation, including through a relatively orderly process of creative destruction and recreation, for private entities compared to public ones. Like a well-designed, well-functioning road network, strong institutions empower economies by ensuring a stable operating environment, smoother transmission mechanisms, less costly and less risky economic interactions, a credible set of property rights and respect for the rule of law. In recent years, however, this characterization has been challenged, as the standing of private and public institutions with significant systemic influence has declined. For an expanding set of private firms, the main source of pressure has been technological, particularly those advances underpinned by the increasingly powerful mix of artificial intelligence, big data and mobility. As a result, there has been a notable erosion of trust in the effectiveness of public institutions.- ??Enhance public-private interactions, not just for direct content, but also as a way to broaden the scope for greater cross-fertilization of best practices.?
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