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Article: "Institutions" by Douglas North
1. Pundits often decry the fact that the percentage of the American labor force employed in manufacturing has been falling for the past several decades. Using this article as a guide, explain how North would respond to this.
2. According to North, why do "inefficient" forms of bargaining continue in the Suq? Why don't the institutions of the Suq evolve to resemble those of the more productive modern capitalist societies?
3. In the 1800s, as countries in Latin America fought for and won independence from European colonial powers, they adopted constitutions that closely resembled the US Constitution. With such similar political structures, why did the US experience sustained economic growth, while most Latin American countries experienced only erratic economic growth, and political and economic instability? Concisely describe North's argument.
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