10 Lessons from the book Why Nations Fail

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In this book, the author tells us about what are the factors that some nations are wealthy and others are poor.

This book provides examples of how some Nations build their wealth and other fails. The book provides a bird-eye view of a nation’s wealth, economy, and other challenging factors.

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Here are some quotes from the book Why Nations Fail

  • 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 that 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.