Risk, Institutions and Growth: Why England and Not China?

@article{Greif2011RiskIA,
  title={Risk, Institutions and Growth: Why England and Not China?},
  author={Avner Greif and Murat F. Iyigun and Diego Sasson},
  journal={Institutions \& Transition Economics: Microeconomic Issues eJournal},
  year={2011}
}
We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual-level, idiosyncratic risk implies that distinct risk-sharing institutions – even those providing the same level of insurance – can lead to different growth trajectories if they differently motivate risk-taking. Historically, risk sharing institutions were… 
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