Examines D. Acemoglu, S. Johnson and J. A. Robinson's article "Colonial Origins of Comparative Development: An Empirical Investigation" and S. Engerman and L. Sokoloff's ?Factor Endowments, Inequality and Paths of Development among New World Economies".
Written in 2002; 1,309 words; 6 sources; MLA; $ 44.95
Paper Summary:
Acemoglu, Johnson and Robinson's article deals with the question of the difference in development paths among different countries colonized by Europeans. They offer a different explanation than the claim that geography determines a country's wealth. Sokoloff and Engerman's article deals with the same problem among the colonies of the new world. This paper analyzes the articles and discusses and critiques the theories. The author of the paper is of the opinion that ultimately, Engerman and Sokoloff's claim seems the more reliable of the two.
From the Paper:
"La Porta, Shleifer and Vishny check how protecting minority rights in stocks investment affects the development of a stock market. Also, they check the affect of protecting loaner rights. According to them, protection of minority right (an institution in some extent) helps improving financial market activity and through that accelerates development. They also find that a concentrated ownership of firms weakens minority rights protection, this finding resembles Sokoloff and Engerman's finding that property rights are weaker in colonies with elite group."
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