Abstract
Although development economics generally confines its attention to the last 60 years, there is a growing body of research that looks back centuries and tries to determine if the events in the long past are responsible for underdevelopment of today’s developing countries. Broadly speaking, there are two views on the long-term determinants of comparative development. One view is that the extractive institutions created during colonization between 1500 and 1900 are responsible for underdevelopment we see today. The other view is that these institutions were created because of particular geographical factors, and the role of geography is played out on a much longer time scale. This article provides a brief survey of the two alternative perspectives on development economics. JEL: N4, O1, O4
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