development, the share of financial intermediation carried out through market institutions should increase. …We propose a model in which economic relations and institutions in advanced and less developed countires differ as …

This paper proposes a model in which economic relations and institutions in advanced and less-developed economies …

We construct a simple model where political elites may block technological and institutional development, because of a … replaced. Fearing replacement, political elites are unwilling to initiate change, and may even block economic development. We … show that elites are unlikely to block development when there is a high degree of political competition, or when they are …

achieved this rapid development by following orthodox economic policies. How Botswana sustained these policies is a puzzle … policies were chosen in Botswana because good institutions, which we refer to as institutions of private property, were in … place. Why did institutions of private property arise in Botswana, but not other African nations? We conjecture that the …

the result of capitalist development driven by the interaction of late medieval institutions and the economic … enabled these groups to demand, obtain and sustain changes in institutions to protect their property rights. Furthermore, the … existing institutions placed some checks on the monarchy and particularly limited its control of overseas trading activities …

In this paper we revisit the relationship between institutions, human capital and development. We argue that empirical … institutions on long-run development is robust, while the estimates of the effect of human capital are much diminished and become … models that treat institutions and human capital as exogenous are misspecified both because of the usual omitted variable …

effects, when we control for the historical determinants of economic and political development in a sample of former European …

junctures can lead to divergent political-economic development paths, some leading to prosperity and democracy, others to … explain diverging development paths within the former colonial world. …

economic institutions. To solve the problem of development will entail reforming these institutions. Unfortunately, this is … difficult because economic institutions are collective choices that are the outcome of a political process. The economic … institutions of a society depend on the nature of political institutions and the distribution of political power in society. As yet …