Good institutions where Europeans are more populous Reverse of fortune argument

Good institutions where europeans are more populous

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Good institutions where Europeans are more populous "Reverse of fortune" argument Colonists country of origin, natural endowment does not matter Because countries with high development in 1500 had lower income in 20th century. Conclusion Neo-institutionalists believe Early colonial institutions are the main explanation for LAC backwardness, These institutions were inert to a large extent and tended to reproduce inequality They disagree on the origins of the institution resource determinism - exogenous Political determinist - exogenous sociopolitical determinism - endogenous 2.3.2.2 Marxist and structuralist approaches to the colonial heritage
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Econ 2220 Study Guide “Institutions and the Historical Roots of Latin American Divergence” by Luis Bertola and Ocampo 1. Describe the relative performance of Latin America (LA) to the West during the following historical periods: 1) 1820 and 1870 2) 1870-1950; 3) 1950-1980, and 4) 1980-1990. Explain the main factors of divergency or convergency during those years. 2. What are the two main factors precipitating the first great divergence between LA and the West? 3. According to Neo-Institutional theories, what are the fundamental causes of LA lack of development? What is then their policy implication? 4. What are institutions? Provide examples. 5. What are the two distinct set of institutions- encompassed by the New Institutional Economics approach- that explain modern economic growth? 6. Provide a critique of the New Institutional Economics approach. Compare with dependency/structuralist 7. Explain the Marxist view of economic development. 8. What are “bad” institutions? What are “good” institutions? 9. Provide 2 theories of how colonial institutions were established. 10. Describe the origin of the first globalization boom , and it’s relation to Latin American Economies. 3. Causes for the lack of development: the colonial legacy, institutions established after colonial conquest, which concentrate political power and wealth. Implication: if the root is many centuries ago, it is very difficult to change, those hierarchical institutions are prone to inertia. Policy
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