Acemoğlu

Question 1

weak institutions

Answer 1

1. few constraints on politicians - redistribute assets, resulting more turbulance
2. few constraints on politicians - more personal gains from power
3. economic cooperation rely on trust
4. more imperfect contractial arrangements
5. unsustainable policies
6. enterpreneurs choose the fields that they can withdraw easily

Question 2

inclusive economic institutions

Answer 2

1. private property rights
2. uphold contracts
3. access to education and infrastructure
4. law and order
5. citizen controlled state
6. regulated market
7. pluralism