Yep.  We have the formula for economic and social development:<p>1) Strong rule of law
2) Political and economic freedom
3) Regulations that focus on reducing information asymmetry.<p>There are plenty of examples: America, Canada, parts of Europe, Chile, South Korea, Japan, Australia, New Zealand.  The rapid development of Eastern Europe (particularly Poland) is a great case-study.<p>But this simple truth is a threat to a lot of entrenched interests, who will fight and deny it every step of the way.