A sketch of the International Monetary Fund's 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a "demand driven" theory of institutional change, as the needs of its clients and the type of crisis...

This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per capita across countries. The theory sheds light on three fundamental layers of comparative development. It identifies the factors that have governed the pace of the transition from...

This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per capita across countries. The theory sheds light on three fundamental layers of comparative development. It identifies the factors that have governed the pace of the transition from...

This paper challenges the North and Weingast (1989) view that attributes Britain's ascendancy to economic supremacy to institutions that provided protection of property rights starting in the late seventeenth century. We show that for much of the eighteenth century, interest rates in Britain...

The twentieth century was a period of outstanding economic growth together with an unequal income distribution. This paper analyses the international distribution of growth rates and its dynamics during the twentieth century. We show that the whole century is characterized by a high...

How did religious freedom emerge? I address this question by building on the framework of Johnson and Koyama’s Persecution & Toleration: The Long Road to Religious Freedom (2019). First, I establish that premodern societies, reliant on identity rules, were incapable of liberalism and religious...

How did religious freedom emerge? I address this question by building on the framework of Johnson and Koyama (2019). First, I establish that premodern societies, reliant on identity rules, were incapable of liberalism and religious freedom. Identity rules and restrictions on religious freedom...

Seen in historical perspective the main economic predicaments of the present world (such as poverty, inequality, backwardness) appear in a somewhat different light than in many current discussions, especially by sociologists, radical economists and political scientists. In the present paper the...

The examination of U.S. crises reveals that the current financial crisis follows past patterns. An investment bubble creates excess demand for new financing instruments. During the railroad bubbles of the nineteenth century loans were issued at a pace higher than many companies could pay back....

Although cross section relationships are often taken to indicate causation, and especially the important impact of economic growth on many social phenomena, they may, in fact, merely reflect historical experience, that is, similar leader-follower country patterns for variables that are causally...