Growth is a modern phenomenon

Growth is a modern phenomenon

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Unformatted text preview: s where the shift in invention is coming from: the shift in the locus of invention from China to Europe after 1500, and a growing European lead in inventiveness and science The failure of 19th century industrialization to take hold outside Europe after the initial technologies had been developed The organizational coherence of Western Eruope in a wide variety of areas (other institutions that were effective in Europe but were not anywhere else: state, military, banks, corporations) A MISSING VARIABLE IS THE ROLE OF INSTITUTIONS Institutions are the rules of the game that constrain and affect human interactions: laws, standardized practices, customs Why did the west grow rich? An institutional explanation: The North- Thomas theory (1973) = use of institutions to explain comparative development Main argument: THE DEVELOPMENT OF AN...
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This document was uploaded on 03/28/2014 for the course INAF 252 at Georgetown.

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