Colombia has long held great promise. The World Bank's 1950 report on Colombia, the institution's first ever study on a developing country, declared, "The potentialities for development in the future are great." The country boasts a vibrant culture, rich natural resources, and resilient people. Despite its great potential, the country's development has been disappointing. As recently as the early 1980s, Colombia's income per capita was similar to that of Chile, Malaysia, Poland, and the Republic of Korea (Figure 1). Subsequent growth in those countries has exceeded Colombia's, and the Republic of Korea is now four times richer in per capita terms than Colombia. Three interlocking long-run constraints have held Colombia back. The first is violence, which has claimed the lives of one million Colombians since 1948. The second is inequity rooted in the nation's history-the Currie Report highlighted 70 years ago that "a wide disparity in levels of income exists between a small wealthy group and the great mass of the population." The third is institutions that have favored the interests of an elite over inclusive growth.