“The Manchester Act was a significant victory for the nascent cotton manufacturers. But its historical and economic significance was in fact much… — Daron Acemoğlu Copy Share Image
“during the critical juncture created by the Industrial Revolution, many nations missed the boat and failed to take advantage of the spread… — Daron Acemoğlu Copy Share Image
“The Industrial Revolution started and made its biggest strides in England because of her uniquely inclusive economic institutions. These in turn were… — Daron Acemoğlu Copy Share Image
“Inclusive economic and political institutions do not emerge by themselves. They are often the outcome of significant conflict between elites resisting economic… — Daron Acemoğlu Copy Share Image
“The leaders of the French Revolution and, subsequently, Napoleon exported the revolution to these lands, destroying absolutism, ending feudal land relations, abolishing… — Daron Acemoğlu Copy Share Image
“The solution to the economic and political failure of nations today is to transform their extractive institutions toward inclusive ones. The vicious… — Daron Acemoğlu Copy Share Image
“BOTSWANA, CHINA, and the U.S. South, just like the Glorious Revolution in England, the French Revolution, and the Meiji Restoration in Japan,… — Daron Acemoğlu Copy Share Image
“AUSTRALIA, LIKE THE UNITED STATES, experienced a different path to inclusive institutions than the one taken by England. The same revolutions that shook England… — Daron Acemoğlu Copy Share Image
“As such, the usual pattern of interaction between a critical juncture and existing institutional differences leading to further institutional and economic divergence played out… — Daron Acemoğlu Copy Share Image
“Lack of creative destruction and innovation is not the only reason why there are severe limits to growth under extractive institutions. The history of… — Daron Acemoğlu Copy Share Image
“As with France, an important consequence of the British Industrial Revolution for China and Japan was military vulnerability. China was humbled by British sea… — Daron Acemoğlu Copy Share Image
“Though the extractive institutions that the Mayas created produced sufficient wealth for the cities to flourish and the elite to become wealthy and generate… — Daron Acemoğlu Copy Share Image
“THERE ARE HUGE DIFFERENCES in living standards around the world. Even the poorest citizens of the United States have incomes and access to health… — Daron Acemoğlu Copy Share Image
“The Maya’s economy was based on extensive occupational specialization, with skilled potters, weavers, woodworkers, and tool and ornament makers. They also traded obsidian, jaguar… — Daron Acemoğlu Copy Share Image
“In the same way, current Chinese growth has nothing to do with Chinese values or changes in Chinese culture; it results from a process… — Daron Acemoğlu Copy Share Image
“NATIONS FAIL TODAY because their extractive economic institutions do not create the incentives needed for people to save, invest, and innovate. Extractive political institutions… — Daron Acemoğlu Copy Share Image
“The geography hypothesis claims that the great divide between rich and poor countries is created by geographical differences. Many poor countries, such as those… — Daron Acemoğlu Copy Share Image
“Politics is the process by which a society chooses the rules that will govern it.” — Daron Acemoğlu Copy Share Image
“The pattern of vicious circle depicted by the transition between Haile Selassie and Mengistu, or between the British colonial governors of Sierra Leone and… — Daron Acemoğlu Copy Share Image
