10 Lessons from the book Why Nations Fail: The Origins of Power, Prosperity, and Poverty

As we will show, poor countries are poor because those who have power make choices that create poverty.

Politics is the process by which a society chooses the rules that will govern it.

Traditionally economics has ignored politics, but understanding politics is crucial for explaining world inequality.

The most common reason why nations fail today is because they have extractive institutions.

Economics has gained the title Queen of the Social Sciences by choosing solved political problems as its domain.

Economic growth and technological change are accompanied by what the great economist Joseph Schumpeter called creative destruction.

If these rulers would only get the right advice from the right advisers, the thinking goes, prosperity would follow.

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