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

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

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

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

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

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

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

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

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Credits: Unsplash