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The first Great Divergence and the evolution of cross-country income inequality during the last millennium: the role of institutions and culture

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Using a millennium of data for 12 countries in the East and in the West, this article tests the extent to which contracting institutions, property right institutions and culture can explain economic development and the Great Divergence. It is tested whether these theories influence growth through science and technology or through human capital or channels that are independent of these two channels. It is found that culture, contracting institutions and property right institutions have all been relevant for growth and development.
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Keywords: O1; P16; culture; institutions; the Great Divergence

Document Type: Research Article

Affiliations: 1: Department of Economics, Monash University, Caulfield East, Vic, 3145, Australia 2: Department of Economics, National Chengchi University, Taipei, 116, Taiwan

Publication date: 2013-11-01

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