Why Are Some Countries Rich and Others Poor?

Why are some countries Rich and others Poor" is the 5th lecture in the new series "Economics For People" by Prof. Ha-Joon Chang. In this video, he came up with factors to explain the gap between countries.

First, he lectured on income converted into the exchange rate, then used the market exchange rate incomes to measure the economic strength of countries worldwide. Then, he offers factors to compare differences between countries around the world.
Rich countries have pursued better policies:
Infant industry protection by tariffs;
Pursued free market
Free trade, and openness to foreign direct investment
Alterable factors in the gap between rich and poor countries
Tropical Climate: Tropical diseases lead to low labor productivity, and tropical soil leads to low agricultural yield
Geography: Landlockedness restricts trade, the "bad neighborhood" effect of being surrounded by poor and conflict-ridden neighbors.
National Resource Curve: Abundant natural resources lead to corruption, conflict, and currency overvaluation.
Ethic Diversity: Especially medium degree of Diversity creates conflict.
Low-quality Institutions: High risk of death made European settlers bring over “extractive” institutions because they had no intention of setting.
Bad culture: Poor work ethic, profligacy, lack of cooperation, the low value put on education.

Timestamp of video
0:00 – The market exchange rates
5:50 –Robert Walpole's policies made Britain the Supreme World industrial power in 1850.
13:55 – Infant industry protection
22:55 – free trade and openness to foreign direct investment
31:10 – Aterable factors as the explanation for the gap between rich and developing countries
37:00 - The organization of society

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