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An investor weighing Gaborone against Kigali, Dublin or Singapore is not admiring logos. The question they are really asking is tougher: can this country do what it says it will do? Boardrooms convert perceptions of political stability, contract...

But none of these steps, taken alone or together, can bring about the ends that their often well-intentioned advocates seek. On the contrary, they risk reproducing the havoc that such measures have unleashed in Iraq and elsewhere in recent years....