{"id":27842,"date":"2015-04-02T13:05:22","date_gmt":"2015-04-02T13:05:22","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=27842"},"modified":"2024-04-03T13:16:07","modified_gmt":"2024-04-03T07:46:07","slug":"equality-of-institutions-key-determinant-of-economic-progress","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/equality-of-institutions-key-determinant-of-economic-progress\/","title":{"rendered":"Key determinant of Economic Progress"},"content":{"rendered":"<h2 style=\"text-align: center;\">Equality of Institutions: Key determinant of Economic Progress<\/h2>\n<p style=\"text-align: center;\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Equality-of-Institutions-Key-determinant-of-Economic-Progress.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-27886\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Equality-of-Institutions-Key-determinant-of-Economic-Progress-300x145.png\" alt=\"Equality of Institutions Key determinant of Economic Progress\" width=\"300\" height=\"145\" srcset=\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Equality-of-Institutions-Key-determinant-of-Economic-Progress-300x145.png 300w, https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Equality-of-Institutions-Key-determinant-of-Economic-Progress.png 322w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Latitude and economic prosperity are remarkably correlated. For instance, nations which are closer to the equator have lower levels of income per person than nations farther from the equator. Tropical climates near the equator have direct negative impact on productivity. Agriculture is more difficult in such areas, and diseases are more prevalent. This makes the production of goods and services more difficult.<\/p>\n<p>Research by Daron Accmoglu, Simon Johnson, and James Robinson has suggested an indirect mechanism for the impact of geography on institutions. Their explanation is as follows,<\/p>\n<p>In seventeenth, eighteenth, and nineteenth centuries, tropical climates posed an increased risk of disease like malaria and yellow fever to the European settlers. As a result, when Europeans were colonizing much of the rest of the world, they avoided settling in tropical areas like Africa etc.<\/p>\n<p>In tropical climates, the colonial powers had set up authoritarian governments and institutions which aimed at taking advantage of area\u2019s natural resources. These institutions did little to foster the economic growth of tropical regions.<\/p>\n<p>The earlier institutions set up by European colonizers are strongly correlated with modern institutions in the former colonies. In tropical countries, there is less protection of property rights even today. When colonizers left, the extractive institutions were taken over by new ruling elites.<\/p>\n<p>Hence, equality of institutions is a key determinant of economic performance. Where property rights are protected, people have more incentive to make investments which in turn lead to economic growth. In tropical nations, where property rights are not respected, investment and growth tend to lag behind.<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/certifications\">Click here for government certifications<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Equality of Institutions: Key determinant of Economic Progress Latitude and economic prosperity are remarkably correlated. For instance, nations which are closer to the equator have lower levels of income per person than nations farther from the equator. Tropical climates near the equator have direct negative impact on productivity. Agriculture is more difficult in such areas,&#8230;<\/p>\n","protected":false},"author":505,"featured_media":27886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1560],"tags":[2961,2960,2962,2959,1320],"class_list":["post-27842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-arbit","tag-connection","tag-economic-prosperity","tag-equality","tag-latitude","tag-research"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Key determinant of Economic Progress - Vskills Blog<\/title>\n<meta name=\"description\" content=\"How does the Equality of Institutions determine economic progress of a nation?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/blog\/equality-of-institutions-key-determinant-of-economic-progress\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Key determinant of Economic Progress - 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