How has the timing of the transition to a free-market economy been used to partially explain the great difference in inequality and poverty between the United States and other advanced democracies?
a.) Countries that transitioned to a free-market economy later than the United States usually had no history of feudalism.
b.) Institutions that could better protect the weak or disadvantaged were more fully developed in countries that transitioned to a free-market economy later than the United States.
c.) Countries that transitioned to a free-market economy later than the United States usually had a more centralized form of government that could impose very high taxes on citizens.
d.) Institutions that could better protect the weak or disadvantaged were more fully developed in countries that transitioned to a free-market economy sooner than the United States.
Answer: b.) Institutions that could better protect the weak or disadvantaged were more fully developed in countries that transitioned to a free-market economy later than the United States.
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