John Hoang
@jhoang
There is a real time experiment to test the thesis in Why Nations Fail which is CCP vs US. The two political institutions have diverged in the last few years. The CCP cracked down on their markets by doing things like investigating Alibaba, while the US is now embracing new tech like crypto and ai.
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John Hoang
@jhoang
The downside effects of this should change the economic institutions. China's economic institutions should become more extractive, while the US should become more inclusive. The third order effects are that in a few decades you should see the inclusive economic institutions leading to a huge difference in the economies.
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