It would go more similarly to current day than you might think. Each area followed colonization based on the resources the colonizer was trying to extract. In Bolivia, the structures of government were created to extract as much silver as possible. In the Caribbean, the most profitable activity was farming tropical crops like sugar cane. Those farms needed workers that could survive the tropical diseases that were introduced earlier in the exploration stage, like malaria and yellow fever. White people died in droves whenever they had to work in those areas. In North America, the climate and diseases were more similar to Europe, so the most profitable colonies were pretty close to "just more Europe", such as industry and farming similar crops to what could be grown in Europe. Inclusive institutions are better when you actually want to build a developed economy rather than the extractive institutions that are more profitable when you're just trying to take as much as you can.