Lecture+7 (1) - Grand Theories of Economic Development...

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Click to edit Master subtitle style 5/10/10 Grand Theories of Economic Development: Third Lecture
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5/10/10 Extractive Institutions and Colonialism In the initial Spanish colonization of the Americas, the Crown granted rights plots of land and the native inhabitants ( encomienda system) Bartolome de las Casas’ account Weaker forced labor systems persisted through the 19th century ( repartimiento de labor )
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5/10/10 Extractive Institutions and Colonialism The Congo Free State: personal fief of King Leopold of Belgium Implemented monopolies for the exploitation of resources (to hold producer prices down) Also instituted quotas for rubber, ivory, labor Over time, quotas rose as supplies
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5/10/10 Extractive Institutions and Colonialism The trans-Atlantic slave trade may have affected informal institutions of trust Incentives to sell others into slavery were high (to get weapons, to defend against the threat of slavery….) People became slaves through Kidnapping Trickery
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5/10/10 The Enduring Effects of Extractive Institutions? Latin America was much slower to extend the franchise than the U.S. or Canada In the late 19th century, most Latin American countries still had no secret ballot, wealth and literacy requirements to vote As a result, few people voted:
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5/10/10 The Enduring Effects of Extractive Institutions? Latin American countries also lagged in providing public schooling Elites had little interest in paying for schooling that might just reduce the supply of low-wage agricultural labor Some literacy rates: United States (1890): 86.7% Brazil (1890): 14.8%
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Lecture+7 (1) - Grand Theories of Economic Development...

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