Inclusive institutions – institutions that safeguard not solely the interests of the ruling elite, but which are open to larger groups in society – create incentives for people to save, invest, and innovate. Their central argument, in a nutshell, is that a nation's inclusive political institutions entail inclusive economic institutions, and that such institutions lead to sustainable economic growth. Daron Acemoglu and James Robinson have reformulated the results of their previous studies over the past decade in this impressive volume, which intends to serve both an academic and a more general audience. Why do nations fail? Or, to put it differently, why do other nations succeed economically? This is the burning question underlying the central thesis of this finely written book, with historical case studies from all over the world.
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