North Kore The World Of A Nation 's Economy Essay

North Kore The World Of A Nation 's Economy Essay

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North Korea is the world’s 114th largest economy, while South Korea is the 14th (The World Factbook). This difference is intriguing as they shared history, traditions, geography, and high poverty levels until the Korean War. After this, the nations took drastically different paths. What could explain such variation? Why have some nations experienced economic growth while others have not? The answer partially lies in the presence of economic institutions that are important to a market economy such as banks, property rights, and capital. But what are the political factors that lead to economic growth? There must be some other phenomena that causes these institutions to arise. To understand such large variation between states, we must evaluate the groups that make up a society, and even the way these group interactions affect the individual decisions that either boost or sink a state’s economy.
In order to analyze this behavior aggregate development of a nation’s economy, we will examine group interactions that make up a nation’s general behavior. Acemoglu and Robinson’s theory of inclusive political institutions is the most convincing in explaining economic growth. They note that specific economic institutions including banks, capital, and property rights must be present, an intervening variable. However, the creation of these is dependent on political institutions, so it is the driving factor. The introduction of this conditional variable makes Acemoglu and Robinson’s idea most progressive and politically salient, while continuing to explain the importance of specific economic factors.
To demonstrate that Why Nations Fail best explains economic growth for states, the problems with competing theories will be reviewed. The causal l...


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...d elections mattered less (Doner, Ritchie, and Slater 2005). This block of anomalies contradicts the other theories regarding instability. Therefore, neither explanation, either positive or negative, of instability’s effect on growth is convincing. Corruption and the lack thereof are the most important variables driving economic institutions.
Mauro’s study convincingly demonstrates that corruption limits the ability of a nation to develop using indices of honesty and efficiency. He finds that corruption in the society results in lower levels of investment and bureaucratic inefficiency, crippling a nation’s economy. Political corruption here contributes to lack of capital which is necessary to develop a nation’s economic abilities and induce growth (Mauro 1995). This is a convincing argument for why growth is restricted, but it fails to explain which factors cause it.

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