We benefited immensely from discussions with Chang-Tai Hsieh, Shengwu Li, Jesse Shapiro, and Luigi Zingales. We also thank Sumit Agarwal, Souphala Chomsisengphet, Stephen Haber, Erik Hurst, Dan Kessler, Pete Klenow, David Laibson, Ross Levine, Jessica Pan, Ivan Png, Wenlan Qian, Raghuram Rajan, Tarun Ramadorai, David Reeb, Paola Sapienza, Bernard Yeung, and seminar participants at Hoover Long Run Prosperity Conference at Koch University, Path Towards Prosperity: Institutions & Development at Hoover Institution, National University of Singapore, Stanford University, and University of Chicago for helpful comments. Some of the survey data analyzed in this paper were collected by the Asian Barometer Project, Waves 2–5. We thank the Asian Barometer Project and its participating institutions for making these data available. The Asian Barometer Project Office is solely responsible for data distribution, and the views expressed herein are the authors’ own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.