MACROECONOMIC NARRATIVES FROM AFRICA AND THE DIASPORA Institutions versus Policies: A Tale of Two Islands
نویسندگان
چکیده
A long line of work emphasizes the correlation between institutions and economic performance (Adam Smith 1776; W. Arthur Lewis 1955; Douglass C. North 1990). Rich countries have laws that provide incentives to engage in productive economic activity. Investors rely on secure property rights, facilitating investment in human and physical capital; government power is balanced and restricted by an independent judiciary; contracts are enforced effectively, supporting private economic transactions. Recent research moves from correlation to causation by observing that countries whose colonizers established strong property rights hundreds of years ago have, on average, much higher levels of income today than countries whose colonizers did not (Daron Acemoglu, Simon Johnson, and James A. Robinson 2001). Since a country’s colonial origin—literally determined centuries ago—can in no meaningful way be said to be caused by its present-day level of income, the nature of countries’ colonial MACROECONOMIC NARRATIVES FROM AFRICA AND THE DIASPORA
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