Jayson_Virissimo comments on Hayekian Prediction Markets? - Less Wrong

9 Post author: David_J_Balan 15 February 2010 11:50PM

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Comment author: Jayson_Virissimo 16 February 2010 09:01:40AM 2 points [-]

Russians are much much poorer than Americans and Western Europeans because they were much much poorer than Americans and Western Europeans in 1913 before Communism ever started.

What explains the greater amount of wealth in America and Western Europe prior to 1913? Could capitalism be a partial explanation? Hong Kong and Singapore were much poorer than America and Western Europe prior to 1913, but now have equal or greater levels of wealth in addition to being more capitalist. Could capitalism also be a partial explanation in this case? If not, what is a more plausible explanation?