Why Nations Fail Essay

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

Why Nations Fail: The Origin of Power, Prosperity and Poverty
By Daron Acemoglu & James A. Robinson, United States, Crown Publications, 2012, Pages: 546, ISBN: 0307719219

• About the Authors
Daron Acemoglu is a Turkish-American economist from Massachusetts University of Technology. He has been awarded John Bates Carter Medal which is awarded to an economist for his contribution in the field of economies decided by forty judge panel. James A Robinson, is a world famous expert on African & Latin America. He is teaching as professor at Harvard University. Currently he is researching in Democratic Republic of the Congo, Haiti and Sierra Leone.
• Background
Why Nations Fail give an account of the long lasting difference between the prosperous countries like …show more content…
It supports the point that the countries which follow inclusive political and economic institution are much more successful than those who follow extractive economic and political institution and they persist for longer time (Gates, February 26, 2013).
 However, the authors did not pay much attention to explain how the countries became inclusive in terms of politics and economy. For example, when they talk about economic growth during Roman Times because in older times the economy of Rome was basically based on sustainable farming which was ironical for the case of Rome (Gates, February 26, 2013).
 The authors tried to explain everything with one theory only which makes their claims irrational at times, for example, they mention about the deterioration of Venice as a result of reduced inclusiveness, however, the fact is it was the result of competition. The major cause of loss of inclusiveness in economy was their loss on spice trade due to increased competition (Gates, February 26,

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