Trust, institutions and development

Biswo Poudel and Krishna Paudel

Applied Economics Letters, 2012, vol. 19, issue 2, 145-147

Abstract: This article suggests an explanation as to why relatively prosperous societies in the 1500s were unable to protect themselves from the colonialist powers. It reasons that while the prevalence of institutions fostering mutual trust among citizens allowed the earlier prosperous societies to achieve a degree of prosperity that same trust led to lower investments in defence and the eventual fall of the society.

Date: 2012
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DOI: 10.1080/13504851.2011.570699

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