The Economy in the 1980s: A Program for Growth Stability

Routledge
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In the decade of the 1970s the U.S. economy experienced its worst performance in four decades. Rising U.S. inflation and stagnant productivity growth were responsible for the worst economic performance of any Western country. The institute has published a number of studies on specific economic problems—on energy, planning, health care, tax reform, international trade, and other subjects. This is our first attempt to present an integrated view of the economy as a whole, looking back at serious problems experienced in the 1970s as part of fashioning a systematic statement of what reforms are necessary to restore to the U.S. economy the growth and stability of prior decades.
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Publisher
Routledge
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Published on
Jan 22, 2019
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Pages
462
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ISBN
9781351318747
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Language
English
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Genres
Political Science / General
Political Science / Public Policy / Economic Policy
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Content Protection
This content is DRM protected.
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Available on Android devices
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Eligible for Family Library

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Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine?

Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?

Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence?

Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities.

The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories.

Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including:

- China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West?

- Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority?

- What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions?

Why Nations Fail will change the way you look at—and understand—the world. 
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