Economic Institutions and Their Impact

This chapter explores the relationship between economic systems, property rights, and governance, emphasizing how inclusive institutions are crucial to fostering innovation and preventing monopolies. Through historical examples from Barbados, the USSR, and China, it highlights the instability of extractive regimes and the potential for growth in inclusive markets. The discussion also critiques the perception of technological superiority in oppressive regimes and stresses the importance of equitable access to opportunities for sustainable economic development.