We’re nowhere close to that.

From Non-Western Economic Development Requires Risk-Taking by Karl Muth.  I agree.

If there were an internationally-applicable, culturally-agnostic, decade-to-decade-portable, low-risk-and-high-reward recipe for development, the West certainly has not discovered it. If it had, economic development would be a Newtonian physics of basic rules and formulas. We’re nowhere close to that. The apocryphal apple is still in mid-air and we’ve yet to feel it bonk us on the head, let alone recognize, formalize, and proof the importance of that incident.

There are a few things we do know.  Systems that are effective at involving citizens (consent of the governed) tend to work better than compliance systems.  Systems that encourage open knowledge transfer tend to work better than managed knowledge systems.  Systems that recognize the value of emergent systems (like prices in a competitive market) work better than closed and planned systems.  

But there is still much we don't know.