Creative destruction Quote by Daron Acemoğlu

“Because elites dominating extractive institutions fear creative destruction, they will resist it, and any growth that germinates under extractive institutions will be ultimately short lived.” quote by Daron Acemoğlu — Download Open image

““Because elites dominating extractive institutions fear creative destruction, they will resist it, and any growth that germinates under extractive institutions will be ultimately short lived.””

Daron Acemoğlu

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“AUSTRALIA, LIKE THE UNITED STATES, experienced a different path to inclusive institutions than the one taken by England. The same revolutions that shook England…

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“As such, the usual pattern of interaction between a critical juncture and existing institutional differences leading to further institutional and economic divergence played out…

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“Lack of creative destruction and innovation is not the only reason why there are severe limits to growth under extractive institutions. The history of…

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“As with France, an important consequence of the British Industrial Revolution for China and Japan was military vulnerability. China was humbled by British sea…

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“Though the extractive institutions that the Mayas created produced sufficient wealth for the cities to flourish and the elite to become wealthy and generate…

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“THERE ARE HUGE DIFFERENCES in living standards around the world. Even the poorest citizens of the United States have incomes and access to health…

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“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…

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“In the same way, current Chinese growth has nothing to do with Chinese values or changes in Chinese culture; it results from a process…

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“NATIONS FAIL TODAY because their extractive economic institutions do not create the incentives needed for people to save, invest, and innovate. Extractive political institutions…

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“The geography hypothesis claims that the great divide between rich and poor countries is created by geographical differences. Many poor countries, such as those…

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“Politics is the process by which a society chooses the rules that will govern it.”

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“The pattern of vicious circle depicted by the transition between Haile Selassie and Mengistu, or between the British colonial governors of Sierra Leone and…

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