The first Great Divergence and the evolution of cross-country income inequality during the last millennium: the role of institutions and culture

Jakob Madsen and Eric Yan

Applied Economics, 2013, vol. 45, issue 33, 4641-4650

Abstract: Using a millennium of data for 12 countries in the East and in the West, this article tests the extent to which contracting institutions, property right institutions and culture can explain economic development and the Great Divergence. It is tested whether these theories influence growth through science and technology or through human capital or channels that are independent of these two channels. It is found that culture, contracting institutions and property right institutions have all been relevant for growth and development.

Date: 2013
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Working Paper: The First Great Divergence and the Evolution of Cross-Country Income Inequality during the Last Millennium: the Role of Institutions and Culture (2013)
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DOI: 10.1080/00036846.2013.795283

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