policies in a non-cooperative regime of patent protection, we ask, ‘why are patents longer in the North?’ We also study … international patent agreements by deriving the properties of an efficient global regime of patent protection and asking whether … harmonization of patent policies is necessary or sufficient for global efficiency. …

1950s. Finally, we turn to the determinants of a broad array of development indicators for the year 1960 and for the 1960 …

distributed unequally and institutions do not ensure political commitments. The results imply that for any level of development … resources for which democracy is infeasible in equilibrium irrespective of the level of development. The model also delivers …

of development. We document the following regularities. First, as countries develop, their productive structure moves … from more volatile to less volatile sectors. Second, the level of specialization declines with development at early stages …, and slowly increases at later stages of development. Third, the volatility of country- specific macroeconomic shocks falls …

To identify the effect of social capital on financial development, we exploit the well-known differences in social …