Why are some countries rich and well-developed while other countries remain underdeveloped and poor? What role do political institutions, both domestic and outward-oriented, play in economic development? In this course we examine classic and contemporary answers to these questions, and consider evidence for competing explanations. We start with Adam Smith, and move through theories of dependency, import substitution, and export-based development. We conclude with contemporary theories on the connection between economic development and political institutions. We explore national economies from all continents, with special emphasis on countries outside the North Atlantic that have grown and developed, to varying extents, since World War II. (This course was formerly titled "States and Markets.")

Why are some countries rich and well-developed while other countries remain underdeveloped and poor? What role do political institutions, both domestic and outward-oriented, play in economic development? In this course we examine classic and contemporary answers to these questions, and consider evidence for competing explanations. We start with Adam Smith, and move through theories of dependency, import substitution, and export-based development. We conclude with contemporary theories on the connection between economic development and political institutions. We explore national economies from all continents, with special emphasis on countries outside the North Atlantic that have grown and developed, to varying extents, since World War II. (This course was formerly titled "States and Markets.")