ASSIGNMENT #1: Response to Engerman & Sokoloff from a 'Northian' perspective

By contrast with the equilibrium of a standard perfectly competitive economy without market failures (a benchmark you studied in ECON 001), the institutional equilibria described by North are path-dependent and not necessarily socially efficient. Write a brief intrpretation of Engerman and Sokoloff (2005) applying these ideas (2 pages MAXIMUM, 1.5 spacing). Be prepared for class discussion.