Choice Reviews Online· 2012
Why nations fail: the origins of power, prosperity, and poverty
- 3,680citations
- 2012year
Short summary
Nations fail due to extractive institutions that prevent populations from investing and prospering, not solely due to geography or technology.
AI-generated from the title and abstract; the full text is not read.
Key points
- National prosperity hinges on inclusive institutions that provide incentives for investment and protect property rights.
- Extractive institutions, which concentrate power and wealth, are the root cause of poverty.
- Geography and technology are insufficient explanations for wealth and poverty disparities.
- The book synthesizes economics, politics, and history over fifteen years of research.
AI-generated from the title and abstract; the full text is not read.
Abstract
In the West are the 'haves', while much of the rest of the world are the 'have-nots'. The extent of inequality today is unprecedented. Drawing on an extraordinary range of contemporary and historical examples, Why Nations Fail looks at the root of the problems facing some nations. Economists and scientists have offered useful insights into the reasons for certain aspects of poverty, such as Jeffrey Sachs (it's geography and the weather), and Jared Diamond (it's technology and species). But most theories ignore the incentives and institutions that populations need to invest and prosper: they need to know that if they work hard, they can make money and actually keep it - and the key to ensuring these incentives is sound institutions. Incentives and institutions are what separate the have and have-nots. Based on fifteen years of research, and stepping boldly into the territory of Ian Morris's Why the West Rules - For Now, Daron Acemoglu and James Robinson blend economics, politics, history and current affairs to provide a new, persuasive way of understanding wealth and poverty. And, perhaps most importantly, they provide a pragmatic basis for the hope that those mired in poverty can be placed on the path to prosperity.
The authors' abstract, as published at the source. Choice Reviews Online, 2012 · DOI ↗
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Field: Sociology and Political Science
Sociology and Political ScienceSocial Sciences