We start out from the hypothesis that limited government leads to low uncertainty and low transaction costs. If political institutions affect the degree of uncertainty and transaction costs, we formally show they should affect the steady state level of income per capita. The impact of...

According to the hypothesis of our study there is a close relationship between the standard of economic development and the scale of internal spatial disparities. Central in our applied theory is that the first phase of capitalist economic development is characterised with an initially fast and...