In recent years, the importance of historic events in the
socioeconomic development of countries has emerged as an important area
of research. There is a growing interest in determining the impact of
historic events and conditions such as colonial rules, institutions, and
factor endowments on the economic and social circumstances of countries
today. Furthermore, the levels of development in the early decades of
newly independent territories can have long term effects on the progress
of those regions [Nunn (2007, 2009); Olsson and Hibbs (2005); Acemoglu,
Johnson, and Robinson (2001); Engerman and Sokoloff (2000); La Porta, et
al. (1998)].