A well‐functioning private sector is the only way to increase economic growth. Yet, to improve the business environment, development experts recommend sophisticated policies that are common in rich countries but that most governments in poor countries cannot successfully implement. Former World Bank economist Robert Anderson suggests acknowledging weaknesses prevalent in poor countries: corruption, deficient rule of law, cronyism, and so on. Simpler, market‐oriented policies are more likely to produce growth and improve performance in banking, corporate governance, bankruptcy, and other areas. Simeon Djankov will comment on Anderson’s proposals and provide insights from his own research on regulation in poor countries.