Economic Institutions Inclusive.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:3. Use the institutions map below to answer the following questions.
Economic Institutions
Inclusive
Political Institutions
Absolutist
Pluralistic
Extractive
a) Which point is in the "virtuous circle"? Which point is in the "vicious circle"?
b) If a country's institutions are at point B, how should we expect its institutions to behave over
time based on internal factors? What about external or natural factors?
A
B
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