How did Europe become the richest part of the world?

Re:How did Europe become the richest part of the world? by Osiris on Sunday March 20, 2022 @04:47PM (#30746460)

Yes. I studied International Politics and we definitely studied the question of why some countries are more prosperous than others.

The expand on your point about institutions, removing corruption (rent seeking by public servants) is a key part of strong institutions because corruption decreases their effectiveness.

The other institution that is extremely necessary for a prosperous country is free press. Free press is critical to removing corruption and strengthening institutions by criticizing when things aren't going right.

[ Parent | on HN ]

Re:How did Europe become the richest part of the world? by zozbot234 on Sunday March 20, 2022 @04:54PM (#30746519)

There is no one institution that's "most important". You're most likely right that "having a free press" helps countries at the leading frontier of development, but many countries are very far from that level. Famously, many East Asian countries managed to become fairly prosperous while being basically dictatorships from a political POV.

[ Parent | on HN ]