From Professor Michael Gordon:

22 03 2009

“….as someone who has done a fair amount of work in the past on comparative economic development across countries, it’s the institutional nature of each that explains largely why some are very rich and advanced, some are growing fairly fast, and most don’t grow much at all . . . those latter dominated by predatory and corrupt elites, whose advancement upon various public and private hierarchies depends not on achievement but rather mutual back-scratching in patron-crony networks largely closed to outsiders. By contrast, good, flexible, and adaptive institutions help us cope with uncertainty by helping us to develop and apply new knowledge to reduce and maybe even master the new challenging changes and reorient our behavior, individual and collective, in new and more effective manner.” (It. mine)

So which model do we more resemble today?

(you can find more of Gordon’s musings on his website)

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