George Will gives some insight:
Multiply the businesses that do not come to, stay or expand in California and you have … Argentina, which in 1900 had a per capita income as high as Canada’s. Or sub-Saharan Africa, which In 1950 had per capita income as high as Southeast Asia’s. Government — especially bad government — matters. In the late 1990s it helped drive roughly 200,000 Californians from the state each year.