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Economics Quote by Daron Acemoğlu

“At the dawn of the nineteenth century, many parts of the world, especially in Africa, lacked a state that could provide even a minimal degree of law and order, which is a prerequisite for having a modern economy.” quote by Daron Acemoğlu
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““At the dawn of the nineteenth century, many parts of the world, especially in Africa, lacked a state that could provide even a minimal degree of law and order, which is a prerequisite for having a modern economy.””

Daron Acemoğlu

About This Quote

Source Book: Introduction to Modern Economics, 2015

A functioning legal system is essential for modern economies; many regions lack this foundation.

In simple terms: Law and order enable modern economies.

Key Takeaway

Strengthen institutions for growth.

Themes

law order economy development

Mood

analytical serious

Type

academic inspirational

When to use this quote

  • policy reform
  • foreign investment
  • infrastructure projects

Key Concepts

institutional economics state capacity

Questions to Reflect On

  • How can fragile states develop legal frameworks?
  • What role do international bodies play?
A Different Perspective

Building institutions is costly and politically challenging.

2.4 out of 5 (8 ratings)

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