Transforming extractive institutions into inclusive institutions is key to sustainable development from "summary" of Why Nations Fail by Daron Acemoglu,James A. Robinson
The fundamental idea put forth in 'Why Nations Fail' is that sustainable development hinges on the transformation of extractive institutions into inclusive ones. These institutions are the rules, norms, and practices that shape the incentives of individuals and organizations within a society. Extractive institutions concentrate power and wealth in the hands of a small elite, who use their control to extract resources from the rest of the population. This leads to stagnation, as the majority of people lack the ability to innovate, invest, or improve their circumstances.
In contrast, inclusive institutions create a level playing field where individuals can succeed based on their talent and hard work, rather than their connections or wealth. Inclusive institutions provide secure property rights, encourage competition, and ensure equal access to education and opportunity. This fosters economic growth, innovation, and social mobility, leading to sustainable development over the long term.
The key to sust...
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