What are the institutional foundations in Western countries such as the United States that have fostered...

What are the institutional foundations in Western countries such as the United States that have fostered and cultivated significantly higher economic growth over the last 200 years in comparison to many other places around the globe? What role do property rights and rule of law play in creating an economic environment generating human betterment?
There are a large number of critics of the market economy and its growth-sponsoring institutions. Discuss some of the reasons for these “anti-capitalist” views and explain what you consider to be any strengths and weaknesses in them.
Many countries with low or even stagnant economic growth often have high degrees of corruption and suffer from dictatorships or higher controlling governments. Based on the readings, analyze why this is often the case. Why do you think this persists in too many parts of the world?

Expert Solution

Rahul Sunny answered 8 months ago

Many countries (including the United States and European countries) are forecast to have a severe drop...

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