Why Nations Fail: Book Review

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What do Acemoglu and Robinson argue is decisive for economic development?

The openness of a society, its willingness to permit creative destruction, and the rule of law

According to Kenneth J. Arrow, what has had enormous consequences in institutional developments?

Institutional developments, sometimes based on very accidental circumstances, have had enormous consequences

What is the heart of Acemoglu and Robinson's major contribution?

The intimate connection between political and economic institutions

What do the authors convincingly show is essential for countries to escape poverty?

Appropriate economic institutions, especially private property and competition Signup and view all the answers

What does Gary S. argue is more likely to develop the right institutions in countries?

Open pluralistic political system with competition for political office, a widespread electorate, and openness to new political leaders Signup and view all the answers

When are countries more likely to develop the right institutions?

When they have an open pluralistic political system with competition for political office, a widespread electorate, and openness to new political leaders Signup and view all the answers

According to Peter Diamond, what is the key to sustained prosperity?

Inclusive political institutions in support of inclusive economic institutions Signup and view all the answers

What does Niall Ferguson say determines whether a country is rich or poor?

Manmade institutions, not the lay of the land or the faith of our forefathers Signup and view all the answers

According to Francis Fukuyama, what explains why some nations are rich and some poor?

Institutions and politics Signup and view all the answers

What, according to Simon Johnson, undermines broader social progress?

Powerful people seeking to grab complete control over government for their own greed Signup and view all the answers

What does Joel Mokyr believe is the most powerful statement made to date?

'Institutions matter' Signup and view all the answers

According to Ian Morris, what makes the world rich?

Freedom Signup and view all the answers

Who are the authors of the book being discussed?

Daron Acemoglu and Jim Robinson Signup and view all the answers

What is the main focus of the book?

The role of institutions and politics in determining a nation's prosperity Signup and view all the answers

What does the book review in terms of regimes?

Good regimes having a virtuous spiral, while bad regimes remain in a vicious spiral Signup and view all the answers

What does the book synthesize according to Peter Diamond?

The work of theorists from Adam Smith to Douglass North with more recent empirical research by economic historians Signup and view all the answers