Why Nations Fail: The Origins of Power, Prosperity, and Poverty - Study Guide Chapters 10-11, The Diffusion of Prosperity, The Virtuous Circle Summary & Analysis

Daron Acemoğlu
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In Chapter 10, the authors begin by describing the early history of the British colonization of Australia, especially New South Wales, which began as a penal colony. While British institutions were relatively inclusive, these institutions did not assign convicts rights. So they were shipped off to penal colonies where they had few rights. However, in New South Wales, there was a high demand for labor and the convicts were some of the only people around who had both the know-how and the drive to do the work. As a result, over time they were given more and more property rights and so became rich. Further, they demanded political rights so their economic rights wouldn't be removed. As a result, convicts had laid the groundwork for inclusive institutions in Australia that...

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This section contains 1,034 words
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