This link has been bookmarked by 16 people . It was first bookmarked on 07 Oct 2007, by Vivian Paganuzzi.
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29 Aug 08
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"Human capital and the value of institutions (as measured by rule of law) constitute the largest share of wealth in virtually all countries."
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80% of the wealth of rich countries and 60% of the wealth of poor countries is of this intangible type. The bottom line: "Rich countries are largely rich because of the skills of their populations and the quality of the institutions supporting economic activity."
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the rule of law explains 57 percent of countries' intangible capital. Education accounts for 36 percent
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"If all conditions for development other than capital are present, capital will soon be generated locally or will be available . . . from abroad. . . . If, however, the conditions for development are not present, then aid . . . will be necessarily unproductive and therefore ineffective. Thus, if the mainsprings of development are present, material progress will occur even without foreign aid. If they are absent, it will not occur even with aid."
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"Where is the Wealth of Nations?"
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25 Jun 08
Thomas JamesThe World Bank's pathbreaking "Where is the Wealth of Nations?" convincingly demonstrates that the "mainsprings of development" are the rule of law and a good school system.
business law economics development wealth politics poverty intangiblewealth global
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12 Oct 07
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In fact, the World Bank finds, "Human capital and the value of institutions (as measured by rule of law) constitute the largest share of wealth in virtually all countries."
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"Rich countries are largely rich because of the skills of their populations and the quality of the institutions supporting economic activity."
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the rule of law explains 57 percent of countries' intangible capital. Education accounts for 36 percent
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The rule-of-law index was devised using several hundred individual variables measuring perceptions of governance
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Switzerland scores 99.5 out of 100 on the rule-of-law index and the U.S. hits 91.8. By contrast, Nigeria's score is a pitiful 5.8
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In fact, some countries are so badly run, that they actually have negative intangible capital. Through rampant corruption and failing school systems, Nigeria and the Democratic Republic of the Congo are destroying their intangible capital and ensuring that their people will be poorer in the future.
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When a Mexican, or for that matter, a South Asian or African, walks across our border, they gain immediate access to intangible capital worth $418,000 per person. Who wouldn't walk across the border in such circumstances?
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he "mainsprings of development" are the rule of law and a good school system
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How can the people of the developing world rid themselves of the kleptocrats who loot their countries and keep them poor?
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11 Oct 07
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08 Oct 07
Jason CampbellA gorgeous article on economics which reveals the simple pieces of the wealth of nations. Compares critical intangible factors like rule of law and education as part of a nation's ability to produce wealth.
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The answer is not the obvious one: This country has more machinery or tools or natural resources. Instead, according to some remarkable but largely ignored research—by the World Bank, of all places—it is because the average American has access to over $418,000 in intangible wealth, while the stay-at-home Mexican's intangible wealth is just $34,000.
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07 Oct 07
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A Mexican migrant to the U.S. is five times more productive than one who stays home. Why is that?
The answer is not the obvious one: This country has more machinery or tools or natural resources. Instead, according to some remarkable but largely ignored research—by the World Bank, of all places—it is because the average American has access to over $418,000 in intangible wealth, while the stay-at-home Mexican's intangible wealth is just $34,000. -
The rest is the result of "intangible" factors—such as the trust among people in a society, an efficient judicial system, clear property rights and effective government. All this intangible capital also boosts the productivity of labor and results in higher total wealth. In fact, the World Bank finds, "Human capital and the value of institutions (as measured by rule of law) constitute the largest share of wealth in virtually all countries."
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The bottom line: "Rich countries are largely rich because of the skills of their populations and the quality of the institutions supporting economic activity."
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In fact, some countries are so badly run, that they actually have negative intangible capital. Through rampant corruption and failing school systems, Nigeria and the Democratic Republic of the Congo are destroying their intangible capital and ensuring that their people will be poorer in the future.
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The World Bank's pathbreaking "Where is the Wealth of Nations?" convincingly demonstrates that the "mainsprings of development" are the rule of law and a good school system. The big question that its researchers don't answer is: How can the people of the developing world rid themselves of the kleptocrats who loot their countries and keep them poor?
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06 Oct 07
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