Against all versions of logic, it is my considered opinion that at long last someone has finally succeeded in making the discipline of economics interesting and consumable to people other than trapped insiders such as yours truly.
Here, respected economists Daron Acemoglu and James A. Robinson shuttle us through the annals of global history as regards political economy, plucking relevant factoids and information along the way with significant pace and alacrity.
This is a rendering of economic thought on development, success and failure of nations told through the stark dichotomy of extractive/exclusive and inclusive political, social, economic institutions; a vibrant tale of why nations stumble clumsily in pursuit of elusive economic development.
It succeeds in dispelling conventional rationale for nations’ failure prominent among them geographical factors and resource related reasons.
The duo makes a valiant disputation of the widely entertained concept that absolutist centralized power; a major hallmark of extractive institutions can sustain growth and development. They contend that these institutions are weak by design and cannot hope to endure the vagaries of changes in market environment characterized by innovation and creative destruction.
There was exceptional thoroughness in the depth of research used making their case more gripping and in the process whisking you handily to their viewpoint. Lastly, I reserve the highest praise for last. Against all versions of logic, it is my considered opinion that at long last someone has finally succeeded in making the discipline of economics interesting and consumable to people other than trapped insiders such as yours truly.
5/5
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Draman Victor - A happy member of the Dangala Bookclub at our last meeting
