ECON 313 Lecture Notes - Lecture 10: Household-Responsibility System, Open City, Mechanical Equilibrium
15 Feb 2017
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Looking at the graph below, the treatment group of places conquered have a higher reform index than the control group; also the treatment group got higher urbanization rates. I(cid:374) (cid:1005)(cid:1012)(cid:1004)(cid:1004)"s o(cid:374)l(cid:455) (cid:1006) to (cid:1007)% of the populatio(cid:374) (cid:449)as lite(cid:396)ate (cid:272)o(cid:373)pa(cid:396)ed (cid:449)ith 60% of males in. They missed the industrial revolution: negative feedback loop: european colonists and subsequent elites had no incentive to change institutions, this might explain the poor performance of the middle east today. Tsar= absolutist ruler supported by the nobility (1% of population) No parliament or political representation of other groups in russian society. Economic institutions were designed to make the tsar and nobility as wealthy as possible. Replaced by soviet union: planned economy (still not considered an inclusive institution since the government decides everything) Song dynasty (960-1279) many inventions like clock, compass, gun powder, paper, paper money, blast furnaces for iron, spinning wheel, and waterpower. China was able to have growth with extractive institutions.
