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But he maintains that geography is only part of the story and that a society prospers to the degree that it builds institutions that feature three key things : property rights , limits on the power of elites , and some equality of opportunity.In 1998 , when Acemoglu and colleagues looked at European colonization hundreds of years ago , they found that in countries like the United States and Australia , Europeans settled and built societies with institutional laws and regulations that protected property rights and limited the power of elites .