It is the year 1900. You and your family are in Europe and wish to emigrate to the new world for better opportunities. What signs tell you that going to North America will lead to better outcomes than South America?
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Rule of law and (relatively) free markets are the two most important human-influenced factors in our success. (Having a huge amount of land and resources and only two, relatively weak, neighbors also helped.)
Agree with you, but I wouldn't put insulated location and abundant resources as tier 2 reasons. Australia, USA, and Canada have and will continue to outstrip their free market/rule of law, but poor location competitors in Europe.
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Didn't mean to denigrate them, only meant to distinguish them from the human factors (rule of law and free markets)
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Location, location, location
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