From the book  "Power and Plenty: Trade, War, and the World Economy in the Second Millennium" by Ronald Findlay and Kevin H. O'Rourke (2007) and "A History of the Global Economy: From 1500 to the Present" by Joerg Baten (2016). Discuss how does culture and social factors shaped the economic foundations of nations and lead to the varying ability of countries to invest in proximate factors such as physical capital and human capital. (please include a bibliography)

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.