Acknowledgments: We thank five anonymous reviewers and an associate editor of this journal, Robert Barro, Sascha Becker, Davide Cantoni, Eric Chaney, Claudia Goldin, Li Han, Avner Greif, Wenkai He, Philip Hoffman, Saumitra Jha, Yi-min Lin, Rachel McCleary, Nathan Nunn, Albert Park, Nancy Qian, Satoru Shimokawa, Carol Shiue, Robert Woodberry, Noam Yuchtman, and participants at Harvard's Economic History Workshop (2011), the Econometric Society's and Economic History Association's 2010 Annual Meetings, George Mason University, University of Hong Kong and Hong Kong University of Science and Technology, for helpful comments and suggestions on earlier drafts of this paper. James Kung acknowledges the financial support of the Hong Kong Research Grants Council (Grant 642711). All remaining errors are ours.