The four most important elements:

I.    State strength
A state which is legitimate and capable at all levels (national, regional, and local).
A government whose policy decisions are credible and broadly accepted and an administrative apparatus that can implement these.

II.    Limits to state strength 
Institutional checks and balances that support the legitimacy of government and the administrative apparatus, and guard against abuse of state power at all levels (national, regional, local).

III.    Compatibility of formal and informal rights, institutions and rules
Legitimacy of formal economic institutions guarding essential necessities of a stable economy (exchange rate, fiscal sustainability).

IV.    Technical capacity of the public sector and decision makers at all levels