Since, as Acemoglu and Robinson postulate, the main differences between countries when it comes to institutions is their political (i.e. governmental) institutions, might as well comment on politics from time to time. In the far north (the land of Bad Wolf Bay), it seems that the Conservatives have come to power again in Norway. While I am not qualified to comment on the merits of their economic policies, I do always seem to recall the days of the early 2000s when the win of the leftist party in Spain was supposed to represent this giant global backlash to GW Bush, that the tide was turning in a left direction. Well, two natural-resource rich countries went for Conservatives in the span of three days in a BIG way - is this a global backlash against leftist economics, that continues to deliver stagnation? I think one of the important institutions for shaping public opinion, the media, will be conspicuously silent on this one. And that's what grinds my gears. Also, rustles my jimmies.
Dr. Christopher Hartwell is an institutional economist and President of CASE Warsaw. All commentary on this page is exclusively his own and in no way represents the views of CASE, his wife, his dog, or anyone else. Especially not his wife or his dog.