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Institutional Systems and Economic Growth - Leszek Balcerowicz

It is believed that before 1800, living standards differed little acros countries and time (Parente and Prescott 2002). Modern economic growth startted around 1800 in Great Britain and its ethnic offshoots and then spread to other Western European countries, setting off an unprecedented acceleration in the improvement of living standards in the West. As the Western economies surged ahead, there was also a substantial convergence of their income levels, especially between 1950 and 1973. The post-World War II period also saw an impressive catching-up of some others economies: Japan and later other Asian Tigers as well as Chile in Latin America. Many countries, however, continued to lag, most notably in Africa, Latin America, and the former Soviet bloc...

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