Why Nations Fail: The Origins of Power, Prosperity, and Poverty
Institute Professor & Nobel Laureate in Economic Sciences
Daron Acemoglu presents his institutional theory of economic development, arguing that extractive versus inclusive political and economic institutions fundamentally determine national prosperity, rather than geography or culture. Drawing on comparative historical cases, he analyzes the mechanisms through which institutional structures incentivize innovation and growth.
Wed, March 23, 2022
Dinner Program
Why are some nations extremely rich while others remain cripplingly poor? And why is the gap between the two widening? What separates the haves from the have-nots, Daron Acemoglu, professor of applied economics at MIT, argues has nothing to do with geography or natural resources, as is commonly believed. Instead, nations live or die on the soundness of their institutions, the fairness of their laws, and the transparency of their governments. Drawing on powerful examples from America to Mexico to Sierra Leone to Singapore, Acemoglu shows us that, with strong institutions in place, individuals (and nations) are given the incentive and the opportunities to achieve and innovate. And increasingly pressing today, how can we protect democratic institutions, the foundations of political systems, as financial crises, polarizing politics, and reduced wages erode trust in democracy itself?