"Why do some nations, such as the United States, become wealthy and powerful, while others remain stuck in poverty? [...] Politics makes the difference. Countries that have what they call “inclusive” political governments -- those extending political and property rights as broadly as possible, while enforcing laws and providing some public infrastructure -- experience the greatest growth over the long run. By contrast, Acemoglu and Robinson assert, countries with “extractive” political systems -- in which power is wielded by a small elite -- either fail to grow broadly or wither away after short bursts of economic expansion. [...] To test this reading of history, Acemoglu and Robinson use a variety of “natural experiments” (some developed in collaboration with MIT economist Simon Johnson) to examine how, other things being equal, contrasting political institutions alter the economic trajectories of countries."
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