Editing Development Economics (section)

== <span style="color: #FFFFFF;">Analyzing</span> ==
{| class="wikitable"
|+ Extractive vs. Inclusive Institutions
! Feature !! Extractive !! Inclusive
|-
| Property Rights || Weak / For the Elite || Strong / For All
|-
| Power Structure || Concentrated / Absolutist || Pluralistic / Democratic
|-
| Economic Goal || Wealth transfer to the top || Broad-based opportunity
|-
| Innovation || Discouraged (threatens elite) || Encouraged (Creative Destruction)
|}

'''The Middle-Income Trap''': A situation where a country develops to a certain level (often through low-cost manufacturing) but then gets stuck. It can no longer compete with low-wage nations, but it doesn't yet have the "inclusive" institutions or high-tech skills to compete with advanced economies.
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