Editing Institutions and Economic Growth (section)

== <span style="color: #FFFFFF;">Remembering</span> ==
* '''Institution''' — The "Humanly Devised Constraints" that "Shape Human Interaction": the "Rules of the Game" in a society.
* '''Property Rights''' — The "Legal Right" to "Own" and "Control" resources (e.g., 'If I plant this corn, I get to keep it').
* '''Rule of Law''' — The principle that "Everyone" (including the King/President) is "Subject to the Law" and that laws are "Fair and Predictable."
* '''Inclusive Institutions''' — Systems that "Allow" and "Encourage" the "Participation" of the "Great Majority" of people in economic activities (e.g., 'Schools,' 'Free Markets').
* '''Extractive Institutions''' — Systems designed to "Extract" "Incomes and Wealth" from "One Subset" of society to "Benefit" a "Small Elite" (e.g., 'Slavery,' 'Monopolies').
* '''The Great Divergence''' — The period (starting ~1800) where "Western Europe" "Pulled Away" from the "Rest of the World" in wealth, arguably because of better institutions.
* '''Transaction Costs''' — The "Cost" of "Making a Trade" (e.g., 'Lawyer fees,' 'Bribes,' 'Time wasted in court'). Good institutions "Lower" these costs.
* '''Social Capital''' — (See Article 535). The "Trust and Networks" that allow people to "Trade without a Lawyer."
* '''Path Dependence''' — The idea that "Old Rules" (from 500 years ago) "Constrain" what is "Possible" today (e.g., 'The legacy of colonial borders').
* '''Creative Destruction''' — The "Process" where "New Ideas" (Inclusive) "Replace" "Old Ideas" (Extractive).
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