Why Nations Fail: The Origins of Power, Prosperity, and Poverty is a book written by economists Daron Acemoglu and James A. Robinson. Published in 2012, the book explores the factors that contribute to the success or failure of nations in terms of their economic, social, and political development.
The main argument of the book revolves around the notion that institutions are extremely important in defining a country’s prosperity and success. According to the authors, a prosperous society is built on inclusive economic and political structures that offer a wide spectrum of people opportunities and incentives for success. In contrast, extractive institutions concentrate authority and wealth in a small number of hands, impeding overall progress and sustaining poverty.
Acemoglu and Robinson use historical and modern examples to illustrate their points and explain how various institutions have influenced the course of nations. In order to promote economic growth and development, they examine the effects of inclusive institutions, property rights, the rule of law, accountability, and the function of creative destruction.
The writers also look at the influence of political elites, revolutions, and political power on institutions. They stress that the interaction between political and economic institutions determines whether a country will succeed or fail.
The insightful analysis in Why Nations Fail has drawn praise from a wide audience and generated discussions and arguments on the critical function of institutions in the advancement of a nation. It offers insightful information for decision-makers, economists, and anybody else interested in learning what influences social and economic advancement on a national level.
Read Why Nations Fail (book below) and get more insights about why most economies particularly in Africa fail as compared to countries or economies in the Western world.Why-Nations-Fail_-The-Origins-o-Daron-Acemoglu