Although we cannot conceive of processes of economic growth that do not involve institutional change, in this essay we outline some reasons why one should be cautious about grounding a theory of growth on institutions. We emphasize how very different institutional structures have often been...

Most analysis of how the distribution of political power affects the patterns of growth has been confined to the late-twentieth century. One problem associated with a focus on the modern record is that processes that take place over the long run are not examined. We may all agree that...

Many scholars are concerned with why the U.S. and Canada have been so much more successful over time than other New World economies. Since all New World societies enjoyed high levels of product per capita early in their histories, the divergence in paths can be traced back to the achievement of...