Pleas rewrite this essay about political economic

Pleas rewrite this about political economic - Essay Example In regards to the authors, their argument logic exemplifies that there is a link between colonialism and development (historical determinant), that areas where settlers from Europe have reached are prospectively to have potential for enhanced institutions. The authors had stated a theory that different kinds of policies of colonialism resulted to diverse kinds of institutions from settling states and extractive states, settlement feasibility influenced the theory of colonization in regards to the extractive state having unlivable environment, and colonial states and institutions continued after attaining independence. They supposed that the manifestation of settlers from Europe during the colonialism era led to a considerable influence on the development in the areas of their settlement. The authors also avail evidence regarding their argument concerning economic growth and historical determinants. For instance, Canada, the united States, as well as, Australia where Europeans immensely settled have representative and protective institutions. Thus, they argue that colonization or the European settlement served as a foundation for sturdy institutions and future growth, as well. Additionally, they demonstrated that minimal distortionary policies and enhanced secure property rights would aid in investing more in human and physical capital that will be greatly utilized to attain an advanced income level. Further, they also possess check and balances systems to make certain equal power among government branches. On the contrary, an extractive state such as Congo that has extracted from Belgium is characterized by the absence of check and balances and property rights to impose exploitation from the government, and their key aim emphasizing on transferring resources to Belg ium. This discourages opportunity from the development of the economy. Nonetheless, the argument by Glasser was a counter argument. Glasser posit