PSC 1001 Chapter Notes - Chapter 3: Daron Acemoğlu, Why Nations Fail, Restriction Point
Document Summary
Why nations fail by daron acemoglu and robinson: economic development requires inclusive institutions, economic development depends on new inventions (doesn"t happen without incentives, sachs argues that there are many more factors that acemoglu ignores. Does not accurately explain why certain countries have experienced growth while others have not. Cannot reliably predict which economies will expand and which will stagnate in the future. Incorrectly assume that authoritarian elites are hostile to economic progress. Authoritarian political institutions can speed technological flows. Also innovate within military sector >> benefits to civilian economy. - a state"s strength arises from the choices made by its ruling elites. Sach"s argument: power depends not only on elites, but on resource base that finances that capacity. Unfavorable geo slows development and diffusion of technology. Ex: bolivia and vietnam in the 1990s. Ex: africa >> was weak to begin with due to its geographical conditions.
