Why Nations Fail by Daron Acemoglu and James A. Robinson

“Why Nations Fail: The Origins of Power, Prosperity, and Poverty” is a book written by Daron Acemoglu and James A. Robinson. It explores the reasons behind the success or failure of nations in terms of economic and political development. The authors argue that the key factor in determining a nation’s success is its institutions, both political and economic.

According to the authors, inclusive institutions that provide equal opportunities and rights for all individuals lead to prosperity, innovation, and economic growth. On the other hand, extractive institutions that concentrate power and wealth in the hands of a few elites hinder development and lead to poverty.