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?
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.
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Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including:
– China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West?
– Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority?
– What is the most effective way to help move billions of people from the rut of poverty to prosperity? More
philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions?
Why Nations Fail will change the way you look at—and understand—the world.
The authors provide a strongly descriptive, but not particularly prescriptive, discussion about what they believe are key determinants of the success or failure of societies. The prescriptive part is difficult because it may be impossible to direct events and individuals toward making the “right” choices in their political and economic systems. Acemoglu and Robinson make a very strong case for their theory that a stable government with what they call “inclusive” political and economic systems produces long-term prosperity and success, while “extractive” systems run by corrupt elites destroy initiative and at best limit growth and at worst result in complete failures of a nation. Perhaps the most engaging and enjoyable aspect of this treatise is the big and little supportive stories drawn from pivotal times in the history of many nations and people – ancient to modern – which make for wonderful reading to anyone with an interest in history and its lessons. In other words, these vignettes are worth the read quite apart from the important ideas they illustrate. This book helps the reader understand the positive impacts of the Roman and Napoleonic empires, chronic economic problems in Latin America and Africa, the reasons the industrial revolution occurred in some countries while being resisted in others, why development in communist countries ultimately stalls out, and how seemingly small events can have huge, pivotal, surprising consequences. This book is not just for political science and economics students. It conveys lessons extremely pertinent to today’s economic and political discussions which we would do well to heed. It also reminds us that successful societies are the exception, not the rule, and are not guaranteed to flourish indefinitely.
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Info For Why Nations Fail: The Origins of Power, Prosperity, and Poverty
- Author:Daron Acemoglu, James Robinson( Download PDF :
) - Language: English
- Paperback: 544 pages
- Publisher: Crown Business; Reprint edition (September 17, 2013)
- ISBN-10: 03077an19227
- ISBN-13: 978-0307719225
- Product Dimensions: 5.2 x 1.1 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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