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Alongside growth and corporate responsibility, institutional quality represents one of the three centerpieces guiding the considerations of the Círculo de Empresarios. It has been a fundamental issue of our concern since the beginning of our association more than forty years ago. It can be shown empirically that the progress and well-being of society are intricately bound up with the quality of its institutions. The balanced development of the economy and society as a whole are unattainable in the absence of institutional quality and legal certainty.