March 27, 2014
Why Are Rich Countries Democratic?
Ricardo Hausmann, Project Syndicate
The Associated Press
When Adam Smith was 22, he famously proclaimed that, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things.” Today, almost 260 years later, we know that nothing could be further from the truth.
TAGGED: Economics, Democracy, Wealth