Why Nations Fail Essay

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Background information on the authors Daron Acemoglu A professor of Applied Economics at M.I.T., Daron Acemoglu is among the “20 most cited economists in the world.” (Daron). Acemoglu is describe as hot as an economists gets. He has received the prestigious John Bates Clark Medal. Acemoglu is the co-author, with Harvard 's James Robinson, of the New York Times bestseller Why Nations Fail, which, like Jared Diamond 's Guns, Germs, and Steel, is a major work of historical, political and cultural heft that comes along once every few years. “Born in Turkey and educated in England, Acemoglu has written for mainstream magazines such as Esquire and co-edits academic publications, such as The Journal of Economic Growth” (Daron). Acemoglu 's…show more content…
It is not true that the tropics have always been poorer than temperate latitudes; therefore, the geography hypothesis does not work. considers culture as a set of social norms and conventions and as such would seem to be a part of institutional analysis of change. Culture as manifest in religion and nationalism are rejected as useful explanations for change. The second theory is the Culture hypothesis. This tries to explain inequality of income based on beliefs, values, and ethics. The authors explain that this theory does not work. The last theory is the ignorance hypothesis. This states that world inequality exist because we or our rulers do not know how to make poor countires rich. This theory is considered and presented as the most dangerous of explanations. If only the "right" leader or elites can control society, then the ignorance of proper development policy can be overcome. Chapter 3 Summary- The Making of Prosperity and Poverty Acemoglu and Robinson use the Korean peninsula in their argument advancing political and economic institutions as the reason for economic change or lack of change. They compare extractive and inclusive economic institutions. "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
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