Nation's Economic Development Can Depend Essay

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Citizens in the region's poorest countries, Paraguay and Honduras, make just above $4,000 per year, while those in the wealthiest countries, Chile and Mexico, make almost $15,000. The institutional legacy in the region is one clouded by inequality and corruption. In its brief on the region, the World Bank emphasizes the role of institutional development to alleviate poverty among vulnerable groups, a result in part of the lasting legacy of inequality due to colonial influences.

Asia. This region ranges widely from very poor nations such as Nepal (GDPpc of $1,100) to very wealthy nations like Singapore ($51,600). Because colonial dominance of this region was carried out by a relatively few European settlers, it was ultimately incomplete, leaving many of the region's own institutions intact or enhanced. The World Bank's comments on how governments across the region are reacting to the recent economic turndown are in line with an expectation that institutional factors in the region are stronger and more integrated with popular controls.

A Better Legacy. Appendix 1 presents the findings of a study done by the International Property Rights Index. This chart shows that, as expected from the discussion above, where property rights are secured, development and growth is higher. This suggests that there are possibilities for a better legacy to colonialism, one built on the best ideals of the once powerful European rulers. However, these ideas can only be achieved and subsequent growth realized through the improvement of institutions which were left behind when the colonizers departed.

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