Political economy of emerging markets

What are institutions? Explain why and how they matter for development. Select and develop a critical argument, using at least two specific examples of how institutions affect development.

Please look at the PDF file i attach, or i will email it over. And write accordingly. Also, Please ask if theres anything you dont understand. (You can write up to 1000 +- 10% Words) and please also write in a more professional format as i am a postgraduate student. Thanks