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Introduction to Modern Economic Growth Just British Colonies CAN AUS 10 USA SGP HKG Log GDP per capita, PPP, 1995 NZL BHS BRB BWA MYS KNA TTO ZAF LCA GRD BLZ DMA VCT NAM JAM SWZ EGY GUY LKA ZWE GHA GMB LSO KEN ZMB IND SDN PAK UGA NGA NPL BGD MWI SLE -5 Log Population Density in 1500 Figure 4.13 The Reversal of Fortune among British Colonies: population density in 1500 versus GDP per capita in 1995 among former British colonies 4.5 What Types of Institutions? As already noted above the notion of institutions used in this chapter and in much of the literature is rather broad It encompasses different types of social arrangements, laws, regulations, enforcement of property rights and so on One may, perhaps rightly, complain that we are learning relatively little by emphasizing the importance of such a broad cluster of institutions It is therefore important to try to understand what types of institutions are more important This will not only be useful in our empirical analysis of fundamental causes, but can provide us a better sense of what types of models to develop in order to link fundamental causes to growth mechanics and to ultimate economic outcomes There is relatively little work on “unbundling” the broad cluster of institutions in order to understand what specific types of institutions might be more important for economic outcomes Much of this type of work remains to be done in the future Here we can mention some existing work attempting to distinguish the impact of 199