They completely ignore the threat of Mongol invasions of Eastern Europe in the 13th century, the influence of the crusades, the occurrence of the Renaissance, and hardly mention the Scientific Revolution/Enlightenment. The authors contend that some nations have "inclusive" economic and political policies. Just a moment while we sign you in to your Goodreads account. New York: Crown, 2012, 544 p. | Find, read and cite all the research you need on ResearchGate. Authors Daron Acemoglu and James A. Robinson conclude that underdevelopment is caused by political institutions and not by geography, climate, or other cultural factors. As a result, a set of checks and balances tends toward a positive feedback, sometimes called a "virtuous cycle". This is an excellent book about the reasons why some nations are prosperous, while others are steeped in poverty. This could be written in one chapter or a long magazine piece. “Why Nations Fail is a wildly ambitious work that hopscotches through history and around the world to answer the very big question of why some countries get rich and others don’t.” —The New York Times (Chrystia Freeland) "Why Nations Failis a truly awesome book. Why Nations Fail: The Origins of Power, Prosperity and Poverty. This is an excellent book about the reasons why some nations are prosperous, while others are steeped in poverty. If the length of it looks foreboding, keep in mind that this volume is the culmination of 15 years of research, on a worldwide scale, by two ivy league professors of economics. The few thousand Spanish that conquered Latin America could hardly have done that without the advantage of disease and immunity. I think it explains much of how a nation/political organization fails. In many cases politicians stifle economic activity because this threatens their power base (the economic elite) – as in Argentina, Colombia and Egypt. Why Nations Fail: The Origins of Power, Prosperity, and Poverty, first published in 2012, is a book by American economists Daron Acemoglu and James Robinson. This is the type of book where they take a word (Extractive) and use it to mean something different from what it usually means and then repeat it 3,000 times and act like that explains things. Has an interesting theory, but it just goes on for too long and not worth spending the time. This question contains no spoilers. The hypothesis is clear very early on; what follows is an evidence-loaded journey that keeps hammering the intriguing and simple message home: that extractive, exclusive institutions wreck a country while profiting the elite who holds the power to change the institutions ; and inclusive institutions provide a country with economical growth, while on the long run providing mechanisms through which inclusive institutions are kept. The lack of arguments and statements like: "Unlike in Mexico, in the United States the citizens could keep politicians in check and get rid of ones who would use their offices to enrich themselves or create monopolies for their cronies." This economic history is, as far as it goes, excellent. It seemed like there was a concerted effort to get, I worked for an international affairs journal when this book was first released. Chapter 13 WHY NATIONS FAIL TODAY Institutions, institutions, institutions and why nations fail. In addition to all the stagnation and corruption, this also leads to more wars, and provides more incentives for unrest and military coups since there is more power to be gained in an authoritarian regime. In these countries there are no incentives for anyone to innovate, since anything you come up with will be extracted anyway, and in some cases might even get you in trouble (e.g. Extractive political institutions support these economic institutions by cementing the power of those who benefit from the extraction.” I really think this book's title is a misnomer: it should be "How Nations Fail." The central idea of the book is that states fail because of their political institutions, namely because of their extractive nature. As it turns out the two works are entirely complimentary, the work of Acemoglu and Robinson riding on top of Fukuyama’s. More often, those in power create political and economic structures to secure power while sacrificing the long-term welfare of the rest of the nation, crippling a country's ability to adapt to changing conditions or use labor and resources efficiently. 4.06 (29,500 ratings by Goodreads) Paperback. Pewarta: Benardy Ferdiansyah I agree the extractive/inclusive dichotomy of political institutions is a useful and explanatory model of a country's economic success and failure. While the more pluralistic and democratic political model will maneuver the economy to the interest of the public. And yay Democracy and Capitalism. It depends, there are middle income economies like Chile or Brazil that have inclusive institutions, maybe you can call them "in transition". The central thesis of this book is that nation fail economically because of their political institutions. Bill Gates, tech pioneer, co-founder of Microsoft, and co-chair of the Bill & Melinda Gates Foundation, is an avid reader who people follow... To see what your friends thought of this book. Why Nations Fail: The Origins of Power, Prosperity, and Poverty is an examination of the causes of economic inequality. The extractive and inclusive economic policy in the book is very convincing that the prosperity of a nation depends on policy choice (extractive or inclusive) of the elites to determine a rich and misery of that nation. Why Nations Fail is easy to read, with lots of interesting historical stories about different countries. In their book, Why Nations Fail, they discuss a number of countries and their current wealth,, or lack of same, in support of their theory. Summarizes and popularizes previous research by authors and many other scientists. Also, I felt they spent too much time branding this as extractive and that as inclusive without detailing why it is so. "Extractive" political structures create an economy only to benefit the small ruling class (and therefore are extremely hostile to the wealth-creation of creative destruction, which can only harm the interests of this ruling class. Why is it that there are such huge differences is living standards around the world? The authors say all of these. Inclusive economic institutions include financial controls such as (in the U.S.) the Fed, the SEC, trust breaking litigation, and so forth. In this section, I review Chapters 6-10. They do this by keeping the population misinformed (e.g. Goodreads helps you keep track of books you want to read. “Economic institutions shape economic incentives: the incentives to become educated, to save and invest, to innovate and adopt new technologies, and so on. It is the political process that determines what economic institutions people live under, and it is the political institutions that determine how this process works.”, “As we will show, poor countries are poor because those who have power make choices that create poverty.”, Financial Times and McKinsey Business Book of the Year Nominee for Shortlist (2012), Arthur Ross Book Award for Honorable Mention (2013), Goodreads Choice Award Nominee for Nonfiction (2012). I think it explains much of how a nation/political organization fails. When I stumbled on this book I wondered how it would compare to the work of Francis Fukuyama in “Political Order and Political Decay” also reviewed. Despite the hutzpah of a title like WHY NATIONS FAIL, there's nothing in the text itself that I found disagreeable, and I've read a lot of different economic and political theories of wealth over the years. The book is written for a general audience, and if you're feeling smart and ambitious, it is well worth reading. Start by marking “Why Nations Fail: The Origins of Power, Prosperity, and Poverty” as Want to Read: Error rating book. 50 Big Ideas You Really Need to Know by Ben Dupre. The thesis in "Guns, Germs, and Steel" is that Geography/Climate is Destiny. I found the book very satisfying in ways that "Guns, Germs and Steel" was not; countries are not poor because of initial resource conditions or ignorance on how to become more prosperous. There are no discussion topics on this book yet. From the #1 New York Times bestselling author of Principles and legendary investor Ray Dalio, who has spent half a century studying global markets, The Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes. 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…. However well worth it. With Instaread, you can get the summary and analysis of a book in 15 minutes. I remember the considerable energy the authors seemed to be putting into its marketing – the articles, the interviews, the debates, the blog, the proliferation of review copies. The book stresses the. Authors: Daron Acemoglu, James A. Robinson. Civilization arose and thrived where geography and climate endowed people with the most nutritious and easily cultivatable food. Simply, no. Tại sao một số quốc gia giàu có (và ngày càng giàu … It seemed like there was a concerted effort to get. At the level-headed end of the spectrum is this review by Bill Easterly , which I thought very perceptive. OCLC. James A. Robinson. We’d love your help. I also found interesting the doubt the book casts on foreign aid near the end, at least in presence of extractive institutions. I found the book very satisfying in ways that "Guns, Germs and Steel" was not; countries are not poor because of initial resource conditions or ignorance on how to become more prosperous. Welcome back. I highly doubt it. I found this book very interesting. Summary of Why Nations Fail by Daron Acemoglu and James A. Robinson by Instaread is an in depth analysis of their book. According to Buttonwood, Extractive Elites exist within inclusive institutions. In general, they spent too much time on historical illustrations (probably 80% of the book). In the U.S., for instance, all three main governmental institutions at the federal level hold each other in check. We’d love your help. The examples are very well-explained, and I truly enjoyed thinking and discussing the points raised in this book. 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