Economic development is dependent on the deal between elites of a country. In most poor countries, elites choose to extract resources from the economy because the policies that lead to development can endanger their political position.
When elites decide to have pro-growth policies, they’re taking a risk that it will work out and benefit them personally. Most elites do not want to take this risk, and would rather enjoy the spoils of corruption instead.
I guess its mostly right on a surface level for developing economies. but i think it missing some other factors. People’s identities and personal beliefs (relgion etc) play a big part in what they will accept.
Idk it might put too much emphasis on elites controlling things. I think they definitely do, but only to an extent.