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A&R - Book Report/Review Example

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Acemoglu and Robinson Name Tutor Course: Institution: Date: THE THESIS OF ACEMOGLU AND ROBINSON. Acemoglu and Robinson said that the modern economic history is directly related to the political events of Europeans of one to two centuries ago. In the 18th and 19th centuries, the colonizers were all over the world…
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A&R

Download file to see previous pages... In parts, which the Europeans migrated, places like the U.S, and Australia, they make “Neo-Europe … with strong emphasis on private property and checks against government power”. This is “inclusive” political institutions. In the parts, which they decide to exploit more from afar, they put undemocratic political institutions that they describe as “extractive”. These made institutions became deeply rooted because they cast a long shadow. Extractive political institutions made in the 19th century stay by large extractive political institutions today. Robinson and Acemoglu say, “The colonial state and institutions persisted even after independence.” ( Acemoglu & Robinson 2006). They believe that inclusive 19th century political institutions lead to inclusive economic institutions, which then lead to prosperity.  On the contrary, extractive political institutions lead to extractive an economic institution, which brings economic failure. The theory says that, today’s economic winners are the parts, which Europeans went to and settled practically two centuries ago. Those nations, which have failed, are the ones, which the Europeans created long-lasting extractive economic and political institutions. Acemoglu and Robinson think that political institutions matter most. ...
from the geography hypothesis which claims that geographical factors are a crucial determinant of cross-country or cross region income differences” ( Acemoglu & Robinson 2006). Although, the thesis of Robinson and Acemoglu, link political institutions to economic performance. We find that the as already noted, countries like Taiwan and Korea in the 1960s and 1970s and China 1980s had a rapid growth in economic development despite the political institutions because they invested heavily in infrastructure, technological and heavily in education. In conclusion, Robinson and Acemoglu highlight innovation as the root to economic growth, while inclusive political institutions as the key to innovation. They believe that inclusive political institutions will make room for changing innovation. At the hub of their case is the idea that only comprehensive political institutions will create the room for dynamic innovation.  Otherwise, stakes of the politicians and the major present economic powers will suppress the innovation. As shown countries that have inclusive political governments, which extend political and property rights as wide as possible in providing infrastructure and enforce laws has the greatest economic growth and have the most growth in the end. Acemoglu and Robinson emphasize that, those countries with "extractive" political systems which small number of people has power fail, to grow broadly after small economic growth (Acemoglu & Robinson 2006). COUNTRIES CHOOSEN TO EXPLAIN THE THESIS OF AR . China as the Richest Country . In a country like China, institutions are vital for development to occur. We find that democratic which is inclusive institution is vital for stable economic growth experienced in China. The democratic political institutions with ...Download file to see next pagesRead More
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