Daron Acemoglu and James A. Robinson
Why do some countries achieve immense prosperity while others remain trapped in poverty? The answer lies not in geography or culture, but in the systems we build to govern ourselves.
Inclusive economic institutions foster growth by protecting property rights, creating a level playing field, and encouraging mass participation in markets.
Extractive institutions systematically drain resources from the majority of the population to enrich a narrow ruling elite.
True economic progress requires creative destruction, a process that replaces outdated technologies but often destabilizes the political power of existing elites.