Military might and political elites’ commercial mindset are two important preconditions that explain nations’ economic income differences. The combination of elites’ economic risk appetite and its bargain power at the national and international arenas sustained by its own military might lead to the array of economic outcomes achieved by nations over time. To the best of our knowledge, the proposed argument fits historical evidence but has not been properly developed by the previous literature.
Sabaté, Oriol and Sanz-Arcega, Eduardo, "Preconditions for the Wealth of Nations over Time: A Note" (2020). ICEPP Working Papers. 125.