Nation's Economic Development Can Depend Essay

The institutional legacy in the region is one clouded by inequality and corruption. In its brief on the region, the World Bank emphasizes the role of institutional development to alleviate poverty among vulnerable groups, a result in part of the lasting legacy of inequality due to colonial influences. Asia. This region ranges widely from very poor nations such as Nepal (GDPpc of $1,100) to very wealthy nations like Singapore ($51,600). Because colonial dominance of this region was carried out by a relatively few European settlers, it was ultimately incomplete, leaving many of the region's own institutions intact or enhanced. The World Bank's comments on how governments across the region are reacting to the recent economic turndown are in line with an expectation that institutional factors in the region are stronger and more integrated with popular controls.

A Better Legacy. Appendix 1 presents the findings of a study done by the International Property Rights Index. This chart shows that, as expected from the discussion above, where property rights are secured, development and growth is higher. This suggests that there are possibilities for a better legacy to colonialism, one built on the best ideals of the once powerful European rulers. However, these ideas can only be achieved and subsequent growth realized through the improvement of institutions which were left behind when the colonizers departed.

Acemoglu, D., Johnson, S., and Robinson, J. (2001). "The colonial origins of comparative development: an empirical investigation." American Economic Review 91 (5): 1369-1401.

Acemoglu, D., Johnson, S., and Robinson, J. (2002). "Reversal of fortune: geography and institutions in the making of the modern world income distribution." Quarterly Journal of Economics 117(4): 1231-1294.

Angeles, L. (2007). "Income inequality and colonialism." European Economic Review 51: 1155-1176.

Banerjee, A., and Iyer, L. (2005). "History, institutions, and economic performance: the legacy...

...

(2009). The World Factbook. December 12, 2009. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html.
Engerman, S., and Sokoloff, K. (2005, January). Colonialism, inequality, and long-run development, National Bureau of Economic Research working paper 11057, December 12, 2009. Retrieved from http://www.nber.org/papers/w11057.

International Property Rights Index. (2009). internationalpropertyrightsindex.org. December 12, 2009. Retrieved from http://www.internationalpropertyrightsindex.org/.

Lange, M. (2004) "British colonial legacies and political development." World Development 32(6): 905-922.

Lee, A., and Schulz, K. (n.d.) Comparing British and French colonial legacies: a discontinuity analysis of Cameroon. University of California at Los Angeles. www.ucla.edu. December 10, 2009. Retrieved from http://www.sscnet.ucla.edu/polisci/wgape/papers/17_Lee.pdf.

Robinson, J. (2002). "States and power in Africa by Jeffery I. Herbst: a review essay." Journal of Economic Literature 40(2): 510-519.

Rodrik, D., Subramanian, A., and Trebbi, F. (2004). "Institutions rule: the primacy of institutions over geography and integration in economic development." Journal of Economic Growth 9 (2): 131-165.

Sachs, Jeffrey D. (2001, February). "Tropical underdevelopment" NBER Working Paper No. w8119.

Sharma, H. (2007, August). Sources of Economic Growth in China, 1952-1998. Issues in Political Economy, Vol 17.

World Bank. (2009). Regional Briefs. www.WorldBank.org. December 13, 2009. Retrieved from http://www.worldbank.org/.

Appendix 1

Relation Between IPRI and GDP Per Capita by Region

Source: International Property Rights Index, 2009. (http://internationalpropertyrightsindex.org/UserFiles/File/ex4_9relationbtwniprigdpbyreg.pdf).

Sources Used in Documents:

Sources of Economic Growth in China, 1952-1998. Issues in Political Economy, Vol 17.

World Bank. (2009). Regional Briefs. www.WorldBank.org. December 13, 2009. Retrieved from http://www.worldbank.org/.

Appendix 1

Relation Between IPRI and GDP Per Capita by Region

Source: International Property Rights Index, 2009. (http://internationalpropertyrightsindex.org/UserFiles/File/ex4_9relationbtwniprigdpbyreg.pdf).


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