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Reflection post: International political economics (a history)

1/27/19

1. The reason political institutes are studied when political economy is concerned with how economic wealth is generated is because the key institutions of influence on the economy reflect informal arrangements either among individuals or between government units (or rather the individual who compose the ruling elite) and the individuals ruled by them.

2. Factor endowments highly affected North America’s future economic growth and institutions. For one, North America did not have land that could produce sugar, unlike the Caribbean islands, but it could produce specialized crops. North America also did not have a high population of Native Americans, unlike the Latin countries. Instead the labor force early on in North America was, for a majority, made up of white Europeans such as indentured servants and farm hands, who endured hard work and dangerous travels to this America to escape their deteriorating countries. The reason they did this was because in the event they survived the trip, it would mean more resources for more white migrants instead of an already settled high population of Native Americans. Thus, the European descent could enjoy relatively ‘high’ income by valued commodities and relatively elite status compared to the non-white natives. Later in America’s history though, African American’s made up most of the labor force. America, thus with the geography, lack of Natives and lack of large-scale economy meant land was cheap. Creating a concentration of landholding. Thus, land policy, which regarded the government, provinces and the nation as owners of public land highly influenced the distribution of wealth. This also attracted white European settlers. However, landholding eventually lost meaning because typically any white male could get land. One institution also highly effected North America. Schools early on in north America were deemed essential by the community. As Canada and the United States lead in investing in primary education. To put into a better perspective a majority of the northern states from 1825-1850 had a law that enforced localities to have established free schools open to all children and support by general taxes. Keep in mind North America used the institutions of education to continually attract new migrants from Europe. Education has also been shown to highly effect socioeconomic growth both theoretically and empirically. Such access to education also helped provide the distribution of economic growth. Perhaps another institution that attracted migrants, which were much needed for work force would be voting. Voting in turn effects the economy and growth of political institutions. America/Canada was known for their universal white male suffrage. With no requirements on economic status or wealth. Thus, their voter turn out was typically 75%-90%. North Americas also had a more dramatic investment into public goods, infrastructure but also leads in better economic growth. This shows that the less disparity between the social classes and the elites was supported by North America’s factor endowments, enabling North America to excel economically.

3. South American starting factor endowments or starting conditions such as rich land and high population of labor force all contributed to its future economic growth and political institutions. The Latin American colonies were mostly comprised on land rich in minerals, gold and sugar crops with a high population of slaves. The colonies in Mexico and Peru however, had a high population of Native American’s instead. That’s because the Spanish wanted to and did use them as a labor force to work in the mines or the grain-based agriculture. However, they did not “per say” enslave them such as the North American and Caribbean colonies had with African Americans. Instead the elites of the Spanish societies owned the land and relied on the labor force of natives. They did this through coercion done in various methods. This wealth and power shows the great legal standings they held over the general population. Especially in South America where they had a high slavery population of African Americans who worked mostly as the labor force for the sugar crops had great disproportionate political influence. Thus, institutions protecting the privileged elite emerged. Such as education. In Latin America investing in education only cam to be around the time that they were attempting to attract migrants. Even then, education was funded by the federal government. This coupled with restricted voting, such as literacy requirements and economic status effected voting significantly. Usually a miniscule amount of the population could vote. Universal male suffrage had been a long-run battle against the elites in the Latin countries. However, unlike North America, Latin America was extremely slow to secure exchanges. The right to organize corporations, financial institutions, and development of intellectual capital were narrowly framed to also benefit the elite. The chartering of banks was also left up to the federal government with highly concentrated financiers thus benefitting the elite more. Also, unlike north America the average person could not get a loan or invest. All the starting factors of the south American and Latin colonies shows that the great extreme inequalities may have contributed to the systematic differences in the way its institutions evolved when compared to north America.

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Mr. Tarwire quickly realized that he’d made an irreversible mistake when he arrived at a training facility outside Moscow and met other Africans—mostly from Cameroon, South Africa, Burundi, Rwanda, Benin, Kenya, Nigeria, and Zimbabwe as well—who had fallen into a similarly perilous situation. Desperately seeking comfort and reassurance, he asked them: “Did you get your bonus? Have you sent money home to your families?”

Most answered in the negative, telling him that they’d either never seen the money that had been promised to them, or that they’d received it, but had no way of sending it outside of Russia, owing to the strict international sanctions regime imposed upon the Russian financial system.

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Latin countries are the home to the most beautiful women in the world. Here are the perks of dating a Latina.

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Latin language History / Latin Countries

The Latin language is an ancient language, the language of the Bible, Considered dead by some. Now it is mostly the language of historians, yet it is used in many modern-day endeavors as well. Check here :- https://www.universal-translation-services.com/language-translation/languages/latin-translation/

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In the United States there's a Puritan ethic and a mythology of success. He who is successful is good. In Latin countries, in Catholic countries, a successful person is a sinner.

Umberto Eco