SOLUTION: ECON Why Nations Fall Book Report

Attached. Please let me know if you have any questions or need revisions.Running head: BOOK REVIEW OF WHY NATIONS FAILFirst & Last Name:Student ID:Author(s) First & Last Name(s): Daron Acemoglu & James A. RobinsonTitle of Book: Why Nations FailYear of Publication: 2012Place of Publication: New YorkPublisher: Crown Publishing GroupNumber of Pages: 544Price (Paperback): $15.25 (Amazon)ISBN: 030771921912BOOK REVIEWWhy Nations Fail3BOOK REVIEWIntroductionThis essay is a review of the approach to the comparative economic growth of whyNations fail. Economic success needs inclusive economic institutions which generate wide-basedopportunities and incentives in the society. In this book James Robinson and Daron Acemoglupresent politics, economics, history, and current affairs to give a new way of understandingpoverty and wealth which contribute to the rise and fall of several nations. And mostsignificantly, the authors provide a pragmatic basis for hope that that mired poverty can be puton the prosperity path. Today nations fail due to their extractive foundations of creating theincentives to invest, save and innovate. In many circumstances, politicians stifle economicactivities since this threatens their power base. Among the main themes being discussed areglobal gaps in poverty and wealth that underlie economic success.Daron AcemogluAcemoglu is an economist is of Turkish-American who completed his Ph.D. and MSc atthe London School of Economics. Acemoglu is best identified for his political economy work. Inthe year 1933, he taught economics at the Massachusetts Institute of Technology and continuedto research political economy. Acemoglu has authored several academic papers, many of whichhe co-authored with James Robinson and Simon Johnson. Being a centrist, he believed in aneconomy that is regulated hence, most of Acemoglu’s research has been driven by him trying tounderstand the source of poverty. His research comprises an extensive range of topics, includinghuman capital theory, political economy, economic development, growth theory, laboreconomics, and innovation where he has made a great contribution to the field of laboreconomics.4BOOK REVIEWJames A. RobinsonJames Robinson is of British Heritage, a political scientist, and an economist. Hecompleted his BSc at the London School of Economics, his MA at the University of Warwick,and finally his Ph.D. IN Yale university. Robinson served as the Institute Director of ThePearson Institute of the Study. Between the years 2004-2015, he taught at Harvard Universityand at the University of California. As a prominent economist and a political scientist, he carriedout influential research in factors that are the root basis of conflict and also research in economicdevelopment and the political field. Robinson’s major research interests are in political andeconomic development. His works sightsee the fundamental relationship between society’sinstitution and poverty and how institutions develop out of political struggles. Robinson employshard statistical exploration and case studies to recognize the political basis of economic growthand development drawing understanding from global history and game theory. Robinson’s workshave developed the understanding of political institutions globally.Why Nations Fail BookDaron Acemoglu in collaboration with James Robinson published Why National Fail.They pinpointed the actual reasons why some states are rich and wealthy while others aredoomed and poor to fall over again. They argued that developed countries are prosperous due tothe economic institutions which contribute to the constant economic growth. Robinson andAcemoglu argued that economic growth at the lead of technology needs political stability.Additionally, they insisted that development variances through states are solely due to thevariances in economic and political institutions, and cast-off other concepts that point some ofthe variances to geography, culture, and whether or rather little knowledge concerning the bestpractices and policies.5BOOK REVIEWAudienceThe audience of the book Why Nations Fail comprises policymakers, entrepreneurs,scientists, researchers with an interest in economic development, scholars who are involved inevolving economics agencies and institutions. The authors seek to convey their message to anextensive audience. Generally, those researchers interested in economics that focuses onimproving economic, fiscal, and social state in developing countries will benefit from theinsights drawn in the analysis. Additionally, government agencies and trades could benefit fromthe book on political and economic institutions’ methods to prosperity and also learn on theguidelines impelling how the economy operates and the incentives that encourage individuals.Main IdeasThe main idea that the authors share in this book is the economic success results from aparticular political institution and that the political institution that breed success are inclusive asopposed to extractive(Robinson & Acemoglu,2012). The political institution comprises a robustand centralized state, held in check by pluralistic mechanisms in that the political rights arewidely distributed and the government is responsible and accountable to citizens. Pluralismcauses prosperity by a similar token dictatorship causes decline (Soares, 2012). The authorsshow how underdevelopment results from political institutions and not cultural factors, climate,or geography. Leaders in underdeveloped states purposely loot from their people and keep thepoor. The authors in this book state that when rotten regimes are combined, exploitative leadersand self-serving institutions with decentralized countries, frail causes conflicts, poverty, and evenoutright failure. The failure of the Nation is caused by extractive economic institutions which arereinforced by extractive political institutions that obstruct and prevent the economic expansion.BOOK REVIEW6Vries (2012) points out that politics is at the foundation of economic growth anddevelopment since politics determines what institutions a state has. Politics can solely…

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