Why Nations and Economies Can Fail
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of people living under a comfortable roof and feels warm
enough during winter nights. Many do not suffer, but it is very
possible for all these things to be flipped over in a matter of
days. The economy and ‘peaceful’ nations that we see today
are not forever. Take Greek, for example, a nation that used to
possess the highest level of civilization is now drowning in debt.
The extractive economy (a system that relies on harvesting and
exporting raw or low-processed materials) that various countries
fall into due to lack of means to process raw materials are
signs of the danger. It is a vicious cycle that was pointed out
by Daron Acemoglu in his book ‘Why Nations Fail: The Origins
of Power, Prosperity, and Poverty’. And this is only the tip of
the iceberg that might surface anytime soon according to the
book.
