An award-winning professor of economics at MIT and a Harvard University political scientist and economist evaluate the reasons that some nations are poor while others succeed, outlining provocative perspectives that support theories about the importance of institutions. Reprint.
Author: Instaread Summaries
Release Date: 2016-09-22
Genre: Study Aids
Summary of Why Nations Fail by Daron Acemoglu and James A. Robinson Includes Analysis Preview: Why Nations Fail: The Origins of Power, Prosperity, and Poverty is an examination of the causes of economic inequality. Authors Daron Acemoglu and James A. Robinson conclude that underdevelopment is caused by political institutions and not by geography, climate, or other cultural factors. Elites in underdeveloped countries deliberately plunder their people and keep them impoverished. The city of Nogales is half in Mexico and half in the United States. People in Nogales on the US side of the border are well-educated, prosperous, and have long life expectancies. Those on the Mexican side are poor, poorly educated, and have shorter life expectancies. The differences in Nogales can't be explained by geography or culture. Instead, different governments cause the differences in development. The United States historically established pluralist institutions that encouraged technological innovation and spread wealth throughout the population. By contrast, in Mexico, Spanish conquerors established extractive institutions that were intended to... PLEASE NOTE: This is key takeaways and analysis of the book and NOT the original book. Inside this Instaread Summary of Why Nations Fail by Daron Acemoglu and James A. Robinson Includes Analysis Overview of the Book Important People Key Takeaways Analysis of Key Takeaways About the Author With Instaread, you can get the key takeaways, summary and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience. Visit our website at instaread.co.
Author: Todd G. Buchholz
Release Date: 2016-06-07
Genre: Business & Economics
In this bold history and manifesto, a former White House director of economic policy exposes the economic, political, and cultural cracks that wealthy nations face and makes the case for transforming those same vulnerabilities into sources of strength—and the foundation of a national renewal. America and other developed countries, including Germany, Japan, France, and Great Britain are in desperate straits. The loss of community, a contracting jobs market, immigration fears, rising globalization, and poisonous partisanship—the adverse price of unprecedented prosperity—are pushing these nations to the brink. Acclaimed author, economist, hedge fund manager, and presidential advisor Todd G. Buchholz argues that without a sense of common purpose and shared identity, nations can collapse. The signs are everywhere: Reckless financial markets encourage people to gamble with other people’s money. A coddling educational culture removes the stigma of underachievement. Community traditions such as American Legion cookouts and patriotic parades are derided as corny or jingoistic. Newcomers are watched with suspicion and contempt. As Buchholz makes clear, the United States is not the first country to suffer these fissures. In The Price of Prosperity he examines the fates of previous empires—those that have fallen as well as those extricated from near-collapse and the ruins of war thanks to the vision and efforts of strong leaders. He then identifies what great leaders do to fend off the forces that tear nations apart. Is the loss of empire inevitable? No. Can a community spirit be restored in the U.S. and in Europe? The answer is a resounding yes. We cannot retrieve the jobs of our grandparents, but we can embrace uniquely American traditions, while building new foundations for growth and change. Buchholz offers a roadmap to recovery, and calls for a revival of national pride and patriotism to help us come together once again to protect the nation and ensure our future.
Henry Kissinger's 2014 book World Order: Reflections on the Character of Nations and the Course of History not only offers a summary of thinking developed throughout a long and highly influential career-it is also an intervention in international relations theory by one of the most famous statesmen of the twentieth century. Kissinger initially trained as a university professor before becoming Secretary of State to President Richard Nixon in 1973 - a position in which he both won the Nobel Peace Prize and was accused of war crimes by protesters against American military actions in Vietnam. While a controversial figure, Kissinger is widely agreed to have a unique level of practical and theoretical expertise in politics and international relations - and World Order is the culmination of a lifetime's experience of work in those fields. The product of a master of the critical thinking skill of interpretation, World Order takes on the challenge of defining the worldviews at play in global politics today. Clarifying precisely what is meant by the different notions of 'order' imagined by nations across the world, as Kissinger does, highlights the challenges of world politics, and sharpens the focus on efforts to make surmounting these divisions possible. While Kissinger's own reputation will likely remain equivocal, there is no doubting the interpretative skills he displays in this engaging and illuminating text.
Author: Timothy Besley
Publisher: Princeton University Press
Release Date: 2011-08-28
Genre: Business & Economics
"Little else is required to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things." So wrote Adam Smith a quarter of a millennium ago. Using the tools of modern political economics and combining economic theory with a bird's-eye view of the data, this book reinterprets Smith's pillars of prosperity to explain the existence of development clusters--places that tend to combine effective state institutions, the absence of political violence, and high per-capita incomes. To achieve peace, the authors stress the avoidance of repressive government and civil conflict. Easy taxes, they argue, refers not to low taxes, but a tax system with widespread compliance that collects taxes at a reasonable cost from a broad base, like income. And a tolerable administration of justice is about legal infrastructure that can support the enforcement of contracts and property rights in line with the rule of law. The authors show that countries tend to enjoy all three pillars of prosperity when they have evolved cohesive political institutions that promote common interests, guaranteeing the provision of public goods. In line with much historical research, international conflict has also been an important force behind effective states by fostering common interests. The absence of common interests and/or cohesive political institutions can explain the existence of very different development clusters in fragile states that are plagued by poverty, violence, and weak state capacity.
Why do the poor borrow to save? Why do they miss out on free life-saving immunizations, but pay for unnecessary drugs? In Poor Economics, Abhijit V. Banerjee and Esther Duflo, two practical visionaries working toward ending world poverty, answer these questions from the ground. In a book the Wall Street Journal called “marvelous, rewarding,” the authors tell how the stress of living on less than 99 cents per day encourages the poor to make questionable decisions that feed—not fight—poverty. The result is a radical rethinking of the economics of poverty that offers a ringside view of the lives of the world's poorest, and shows that creating a world without poverty begins with understanding the daily decisions facing the poor.
Author: Timothy P. Roth
Publisher: Edward Elgar Publishing
Release Date: 2014-05-30
Genre: Business & Economics
This book will appeal to scholars and students of political economy, political thought, public choice economics and Austrian economics as well as to practitioners and policy-makers interested in how economics should support those serving the public.ø &
Author: Ian W. McLean
Publisher: Princeton University Press
Release Date: 2013
Genre: Business & Economics
This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation, and growth-enhancing policy responses to major economic shocks, such as war, depression, and resource discoveries. Natural resource abundance in Australia played a prominent role in some periods and faded during others, but overall, and contrary to the conventional view of economists, it was a blessing rather than a curse. McLean shows that Australia's location was not a hindrance when the international economy was centered in the North Atlantic, and became a positive influence following Asia's modernization. Participation in the world trading system, when it flourished, brought significant benefits, and during the interwar period when it did not, Australia's protection of domestic manufacturing did not significantly stall growth. McLean also considers how the country's notorious origins as a convict settlement positively influenced early productivity levels, and how British imperial policies enhanced prosperity during the colonial period. He looks at Australia's recent resource-based prosperity in historical perspective, and reveals striking elements of continuity that have underpinned the evolution of the country's economy since the nineteenth century.
PULITZER PRIZE FINALIST • NATIONAL BOOK AWARD FINALIST • Hailed by The Washington Post as “mandatory reading,” and praised by Fareed Zakaria as “intelligent, compassionate, and revealing,” a powerful journey to help bridge one of the greatest divides shaping our world today. If the Oceans Were Ink is Carla Power's eye-opening story of how she and her longtime friend Sheikh Mohammad Akram Nadwi found a way to confront ugly stereotypes and persistent misperceptions that were cleaving their communities. Their friendship-between a secular American and a madrasa-trained sheikh-had always seemed unlikely, but now they were frustrated and bewildered by the battles being fought in their names. Both knew that a close look at the Quran would reveal a faith that preached peace and not mass murder; respect for women and not oppression. And so they embarked on a yearlong journey through the controversial text. A journalist who grew up in the Midwest and the Middle East, Power offers her unique vantage point on the Quran's most provocative verses as she debates with Akram at cafes, family gatherings, and packed lecture halls, conversations filled with both good humor and powerful insights. Their story takes them to madrasas in India and pilgrimage sites in Mecca, as they encounter politicians and jihadis, feminist activists and conservative scholars. Armed with a new understanding of each other's worldviews, Power and Akram offer eye-opening perspectives, destroy long-held myths, and reveal startling connections between worlds that have seemed hopelessly divided for far too long. Praise for If the Oceans Were Ink “A vibrant tale of a friendship.... If the Oceans Were Ink is a welcome and nuanced look at Islam [and] goes a long way toward combating the dehumanizing stereotypes of Muslims that are all too common.... If the Oceans Were Ink should be mandatory reading for the 52 percent of Americans who admit to not knowing enough about Muslims.”—The Washington Post “For all those who wonder what Islam says about war and peace, men and women, Jews and gentiles, this is the book to read. It is a conversation among well-meaning friends—intelligent, compassionate, and revealing—the kind that needs to be taking place around the world.”—Fareed Zakaria, author of The Post-American World “Carla Power’s intimate portrait of the Quran, told with nuance and great elegance, captures the extraordinary, living debate over the Muslim holy book’s very essence. A spirited, compelling read.”—Azadeh Moaveni, author of Lipstick Jihad “Unique, masterful, and deeply engaging. Carla Power takes the reader on an extraordinary journey in interfaith understanding as she debates and discovers the Quran’s message, meaning, and values on peace and violence, gender and veiling, religious pluralism and tolerance.”—John L. Esposito, University Professor and Professor of Islamic Studies, Georgetown University, and author of The Future of Islam “A thoughtful, provocative, intelligent book.”—Diana Abu-Jaber, author of Birds Of Paradise and The Language of Baklava
Author: David S. Landes
Publisher: Hachette UK
Release Date: 2015-04-20
Genre: Social Science
The history of nations is a history of haves and have-nots, and as we approach the millennium, the gap between rich and poor countries is widening. In this engrossing and important new work, eminent historian David Landes explores the complex, fascinating and often startling causes of the wealth and poverty of nations. The answers are found not only in the large forces at work in economies: geography, religion, the broad swings of politics, but also in the small surprising details. In Europe, the invention of spectacles doubled the working life of skilled craftsmen, and played a prominent role in the creation of articulated machines, and in China, the failure to adopt the clock fundamentally hindered economic development. The relief of poverty is vital to the survival of us all. As David Landes brilliantly shows, the key to future success lies in understanding the lessons the past has to teach us - lessons uniquely imparted in this groundbreaking and vital book which exemplifies narrative history at its best.
Author: Ian Morris
Publisher: McClelland & Stewart
Release Date: 2011-01-14
Why does the West rule? In this magnum opus, eminent Stanford polymath Ian Morris answers this provocative question, drawing on 50,000 years of history, archeology, and the methods of social science, to make sense of when, how, and why the paths of development differed in the East and West — and what this portends for the 21st century. There are two broad schools of thought on why the West rules. Proponents of "Long-Term Lock-In" theories such as Jared Diamond suggest that from time immemorial, some critical factor — geography, climate, or culture perhaps — made East and West unalterably different, and determined that the industrial revolution would happen in the West and push it further ahead of the East. But the East led the West between 500 and 1600, so this development can't have been inevitable; and so proponents of "Short-Term Accident" theories argue that Western rule was a temporary aberration that is now coming to an end, with Japan, China, and India resuming their rightful places on the world stage. However, as the West led for 9,000 of the previous 10,000 years, it wasn't just a temporary aberration. So, if we want to know why the West rules, we need a whole new theory. Ian Morris, boldly entering the turf of Jared Diamond and Niall Ferguson, provides the broader approach that is necessary, combining the textual historian's focus on context, the anthropological archaeologist's awareness of the deep past, and the social scientist's comparative methods to make sense of the past, present, and future — in a way no one has ever done before. From the Hardcover edition.
Author: Pippa Norris
Publisher: Cambridge University Press
Release Date: 2012-08-27
Genre: Political Science
Is democratic governance good for economic prosperity? Does it accelerate progress towards social welfare and human development? Does it generate a peace-dividend and reduce conflict at home? Within the international community, democracy and governance are widely advocated as intrinsically desirable goals. Nevertheless, alternative schools of thought dispute their consequences and the most effective strategy for achieving critical developmental objectives. This book argues that both liberal democracy and state capacity need to be strengthened to ensure effective development, within the constraints posed by structural conditions. Liberal democracy allows citizens to express their demands, hold public officials to account and rid themselves of ineffective leaders. Yet rising public demands that cannot be met by the state generate disillusionment with incumbent officeholders, the regime, or ultimately the promise of liberal democracy ideals. Thus governance capacity also plays a vital role in advancing human security, enabling states to respond effectively to citizen's demands.
Author: Ruchir Sharma
Publisher: W. W. Norton & Company
Release Date: 2016-06-06
Genre: Political Science
International Bestseller "Quite simply the best guide to the global economy today." —Fareed Zakaria Shaped by his twenty-five years traveling the world, and enlivened by encounters with villagers from Rio to Beijing, tycoons, and presidents, Ruchir Sharma’s The Rise and Fall of Nations rethinks the "dismal science" of economics as a practical art. Narrowing the thousands of factors that can shape a country’s fortunes to ten clear rules, Sharma explains how to spot political, economic, and social changes in real time. He shows how to read political headlines, black markets, the price of onions, and billionaire rankings as signals of booms, busts, and protests. Set in a post-crisis age that has turned the world upside down, replacing fast growth with slow growth and political calm with revolt, Sharma’s pioneering book is an entertaining field guide to understanding change in this era or any era.