Mortimer, Latin American countries are poor because of their institutions, not because of the "extraction" of their people. These institutions were set in place at the countries' founding and have shaped their development ever since. Just look at the difference between North Korea and South Korea to see how, even with the same "extraction", different institutions make the difference between rich and poor.
Latin America has the institutions they have at least partially because of the people they have. Institutions don't spring from the ground. They are made by people.
And these were made, for hundreds of years, by people of European Spaniard “extraction.” In any case, your theory still fails to explain lain how the two Koreas, with the same ethnic extraction, could have produced such different results. Just admit it’s historical circumstance which influenced human behavior and nothing about the people’s ethnicity. Unless your going to say North Koreans are a different race than South Koreans?
