Interesting piece on the long-term effect of institutions on economic success.

This chimes with a point that I often like to make — perhaps I will now make it better — that wide-eyed enthusiasts and apologists for systems like China’s forget too easily how much of a legacy we in the West have inherited. Strong institutions, property rights and the rule of law make our societies more robust to shocks and more likely to have high per-capita income in the decades to come than societies with weaker institutions and nastier political systems.