“…Viewed in this way, political institutions with veto players may therefore work as a conditioning variable that will moderate the links between property rights and economic growth. In reality then, it is the interaction between veto players and property rights that matters for economic growth, rather than either one in isolation (Justesen 2014 We have written above of veto players in the abstract, but in practice they may come in different forms (Tsebelis 1995). Two types of veto players can be identified: institutional veto players, explicitly defined by a formal constitutional arrangement, e.g., a president and one or more legislative chambers whose assent is necessary for laws to be enacted and signed into law, courts with the power of judicial review, binding referendums and so on, all comprising a formal system of checks and balances.…”