Institutional economics: Why things fail
Britain’s more constrained crown left trade in the hands of privateers, whereas Spain favoured state control of ocean commerce. The New World’s riches solidified Spanish tyranny but nurtured a merchant elite in Britain.

Els problemes d'España tenen segles d'antiguitat, veig.

In society's where governments can't credibly promise not to steal the fruits of any investment, investment doesn't occur and poverty is the rule. Worst of all, institutions are often self-perpetuating. In America, for instance, vigorous private enterprise is constantly creating new sources of wealth and influence that prevent the state from becoming too dominated by an extractive elite. In much of sub-Saharan Africa, by contrast, what little wealth there is flows to and strengthens oppressive governments.