Assignment:
Both Covey (2017) and Botelho (2011) briefly describe the process through which a new elite emerged both in Spanish and Portuguese America respectively. In another paper, Engerman & Sokoloff (2002) discuss how the process of elite formation is linked to factor endowments, colonial policies, and institutional development, something that is further elaborated on Acemoglu et al. (2001, 2002).
Discuss in 800 words (10% +/-) the process of elite formation in the Americas and explain how extreme inequality could be disruptive to the process of long-term economic growth through its institutional development. Use the knowledge produced in the lectures and the aforementioned authors as a reference.
Important Information!
– This hand-in consists of an 800-word document with a +/- 10% tolerance.
– The Assignment can give a maximum of 10 points towards the course total of 100. You must have at least 5 points to pass.
– Use Times 12 font.
– The paper must be in PDF format.
– Write a heading to the paper, but do not include sub-headings.
– Include your name at the top of every page.
– Do not include a separate first page.
– Reference clearly to the literature you use.
– Do not refer to the lectures excessively. The same applies to tables and charts.
– Course literature must be used!