So the theory. One strand is that this is just a way of smuggling Marxist ideas into economics (you need a bourgeois revolution to create capitalism) and it sort of is. In doing so it misses something. Casting these liberal institutions as "inclusive" misses how corrupt and expropriative they were.

Nevertheless I think there work is more interesting and better than a lot of economics out there and deserving of a Nobel. Academics are vicious about one another.