The laureates demonstrated that the places that were, relatively speaking, the richest at their time of colonization are now among the poorest.
In countries that were already rich, or were places where European settlers did not survive well because of illnesses or the climate, colonial institutions were extractive.
When Europeans colonised large parts of the world, the existing institutions sometimes changed dramatically, but not in the same way everywhere.
In contrast, in countries that were poorer to start with or had better climates, Europeans instead built more inclusive institutions similar to their own countries.
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