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.””
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.
Strengthen institutions for growth.
Themes
Mood
Type
When to use this quote
- policy reform
- foreign investment
- infrastructure projects
Key Concepts
Questions to Reflect On
- How can fragile states develop legal frameworks?
- What role do international bodies play?
Building institutions is costly and politically challenging.