WHY NATIONS FAIL: THE ORIGINS OF POWER, PROSPERITY AND POVERTY

Acemoglu and Robinson provide a compelling argument for why institutions are the primary drivers of economic success. The historical examples are fascinating and well researched. It is an essential read for anyone interested in global economics and politics.

While I rated this book 4/5 star because of its engaging content and somewhat world perspective that how nation's institutions were responsible for their failure but the flip side of the coin shows imperialism acts as a catalysis and equally responsible for their downfall. The glorious revolution of Britan and simultaneously falling of Asian & African countries had a deep root in racism and selfishness of imperialism .

The book distinguishes between poor countries and rich countries, and explains to the readers why poor countries have remained poor and rich countries have become rich. In the first sentence of the Preface, the authors states that the book is about the huge differences in incomes and standards of living that separate the rich countries of the world, such as the United States, Great Britain and Germany, from the poor, such as those in sub-Saharan Africa, Central America and South Asia. The authors say that inclusive economic institutions allow and encourage participation by the great mass of people in economic activities that make best use of their talents and skills and that enable individuals to make the choices they wish. To be inclusive, economic institutions must feature secure private property, an unbiased system of law, and a provision of public services that provides a level playing field in which people can exchange and contract, and it also must permit the entry of new businesses and allow people to choose their careers. Inclusive economic institutions pave the way for two engines of prosperity – technology and education. Sustained economic growth is almost always accompanied by technological improvements that enable poor(labor), land, and existing capital (buildings, existing machines, and so on) to become more productive. Education, skills, competencies, and know-how of the workforce are intimately linked to technology. Education and skills of the workforce that generate the scientific knowledge upon which our progress is built and that enable the adaptation and adoption of these technologies in diverse lines of business. The authors mention that the low education level of poor countries is caused by economic institutions that fail to create incentives for parents to educate their children and by political institutions that fail to induce the government to build, finance and support schools and the wishes of parents and children. The price the poor nations pay for low education of their population and lack of inclusive markets is high, and they fail to mobilize their nascent talent. The ability of economic institutions to harness the potential of inclusive markets, encourage technological innovation, invest in people, and mobilize the talents and skills of a large number of individuals is critical for economic growth. The authors argue that the benefits of the industrial revolution and technologies didn't spread to poor countries as the elites in those countries were disinterested in achieving prosperity for ordinary people. They say that countries such as Great Britain and the United States became rich because they created a society where political rights are more broadly distributed, government is accountable and responsive to citizens, and a great mass of people take advantage of economic opportunities i.e., inclusive growth. By mere revolution, a poor country doesn't become rich. To become rich, there should be political transformation with a commitment and action plan to bring prosperity to its ordinary people through accountability, responsiveness, promoting industries, using technologies, technical know-how and from inclusive growth by creating economic opportunities for a great mass of people. Overall, the book is recommended for all who are interested in knowing reasons for poor progress and economic growth in poor countries and also for those who want to make their countries rich.

Wonderful explanations - for example Magna Carta or slave trade or development in Northern and Southern parts of the USA and the two political parties.

This is a brilliant book which explains, with relevant examples, as to why some nations or societies languish, while others make tremendous progress politically and economically. In my sincere views, (an abridged version of) this book should be made part of curriculum at schools starting Standard IX. It will help young minds to grasp the building blocks of shaping up a nation of their dreams.

I have purchased it in 520 rs but today it's is available at Rs 477 , 😁😁.Paper quality is not good.

Should read if you are interested to make a broad view of how institutions of nations effect theirs policies and overall development.

Great explanation on prosperity and poverty by comparing different nations by going through their critical junctures where nations had changed economically and politically either inclusive or exclusive in nature. Most of the nations were considered in this work where they had turned from exclusive to inclusive system and vice-versa. Also stressed more on the importance of inclusive political system for changing the economy of the nation towards prosperity.

Avevo sentito parlare in maniera estasiata di Acemoglu da due amici studenti di economia, ma non avevo mai avuto modo di "viverlo" in prima persona. "Why Nations Fail" non è solo un saggio economico, ma un vero e proprio viaggio che, al suo termine, ti fa sentire accresciuto intellettualmente e nella visione del mondo. Acemoglu è stato in grado di far coinciliare in maniera eccellente varie materie: dall'economia alla geografia; dalla storia alla sociologia. Libro che reputo dovrebbe essere fatto leggere in uno degli ultimi due anni di superiori, e che consiglio tantissimo ai miei colleghi di giurisprudenza appassionati di diritto comparato; diritto internazionale ed economia politica. A tratti forse leggermente ripetitivo, ma comunque un "must".

ekonomi ve siyaset ile ilgili bir bölüm okumuyorsanız dahi okumanız gereken bir kitap bölümünüz ne ile ilgili olursa olsun mutlaka herkesin okuması gereken bir kitap ama şunuda belirtmek gerekir bu kitap çin hakkında yanılmış da olabilir çünkü bu kitap yazıldığında çin neredeydi nereye geldi ama tabi ki gelecek ne gösterir oda bilinmez

Muy buen libro

Good

Though there are some bumps and jags along the way, as well as a popular misunderstanding on a political term and my personal reservation on how they name a certain kind of institutions, to which I will refer below, “Why Nations Fail,” by Acemoglu and Robinson, is a deep and penetrating analysis and clear deduction of the most important economic and political issue of human life that makes it utmost deserving to be read by anyone. Matter of fact, this book should be compulsory reading on every level of education and every type of productive activity the reader may be right now mastering or fulfilling, for its content clearly explains what should – in fact, must – be done by every society that is pestered by poverty and/or dictatorship, to heave itself up onto the level of well-being and prosperity . By no means is such goal an easy endeavor and it may take a long time to reach it, but if the task is not undertaken, affluence will never be attained. What’s more, mankind itself will return to a prehistoric level and oblivion, for evolution itself hasn’t made human beings to grovel in misery and despair. Since the authors are members of two of America’s most renowned universities that are known to complaisantly side with left-wing ideology as the mainstream of worldwide academia and media does, it’s most surprising to read them as fiercely defending free markets as well as individual freedom, ingenuity and prosperity. This promotes a warm feeling of confidence, in spite of the fact that, from time to time, they unwittingly slide into their alma mater’s antecedents, by rendering, for example, Brazilian’s recently past (“Lula”) and present left-wing movements as promoting the very type of political institutions they view as necessary to attain progress and well-being, or stating democracy as a necessary aim for such a goal, fully leaving aside that democracy is, always was and always will be the complete set of voted dictatorships, i.e. a political elite posturing as representatives of the people and issuing commands that must be obeyed by everybody, thus clearly eradicating the freedom and own decisions of every productive and peaceful individual. On a personal aside and, yes, following my own likings, I wouldn’t have called the opposite to “extractive institutions,” “Inclusive,” for this is, at least to me, a wishy-washy term that doesn’t correctly characterize what Acemoglu and Robinson herald: Enforcing property rights, create a level playing field, encourage innovation and investment in new technology and skill and side with creative destruction, i.e. the replacement of old technological achievements by new and much better ones. I would have preferred to speak of “Improvement institutions,” to avoid the term “progress,” which has been politically subverted by the left-wing, but, then, this is personal taste. Beyond these few disagreements, I invite those who read this comment, to urgently read “Why Nations Fail,” and promote it to friends, associates and the general public, as this would be a most beneficial and worthwhile endeavor.