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.

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TAGGED: Economics, Democracy, Wealth

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