This subject is not new and many economists and politicians have attempted over the years to finally solve the mystery of why some nations have managed to attain sustainable prosperity for their citizens and others linger in mediocrity or poverty. In my opinion these two guys finally came up with insights that are really hard to ignore or disprove. Their historical and fact-based approach presents convincing arguments to explain the difference in economic and social development achievements of nations some even with common borders or within the same regions. A must read for political leaders in economically struggling nations of what they must work on to pull their countries out of third world under-development and into first world prosperity,.....not an easy thing to achieve but this book is an excellent roadmap.
Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine?
Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?
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Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence?
Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories.
Details For Why Nations Fail: The Origins of Power, Prosperity, and Poverty
- Paperback: 544 pages ( Download PDF :
) - Author: Daron Acemoglu, James Robinson
- ISBN-10: 0307719227
- ISBN-13: 978-0307719225
- Publisher: Crown Business; Reprint edition (September 17, 2013)
- Language: English
- Product Dimensions: 5.2 x 1.2 x 8 inches
About the Author
DARON ACEMOGLU is the Killian Professor of Economics at MIT. In 2005 he received the John Bates Clark Medal awarded to economists under forty judged to have made the most significant contribution to economic thought and knowledge.
JAMES A. ROBINSON, a political scientist and an economist, is the David Florence Professor of Government at Harvard University. A world-renowned expert on Latin America and Africa, he has worked in Botswana, Mauritius, Sierra Leone, and South Africa.
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