The explanations offered for the contrasting records of long-run growth and development among the societies of North and South America most often focus on institutions. The traditional explanations for the sources of these differences in institutions, typically highlight the significance of...

The U.S. was a pioneer in establishing the world's first modern intellectual property system. That system was distinguished by the provision of broad access to, and strict enforcement of, property rights in new inventions, coupled with the requirement of public disclosure, and it was effective...