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Why are some nations rich and some poor? While the U.S. is rich, accounting for 25 percent of the world's GDP, there are still failed states that struggle with poverty, corruption, and crimes.
What is that decisive cause that determines a nations' success or failure? MIT economics professor Daron Acemoglu presents a solid and clear answer: institutions. More specifically, it’s the stability that is derived from economic and political institutions. He emphasizes that the prosperity of a nation depends on a delicate power balance : that balance between the nation and its people.
The world is drowning in crises, including reemerging nationalism, economic inequality, political polarization, global hegemonic competitions, and unprecedented global challenges like the COVID pandemic and climate change. Which institutions are necessary today? What world order can prevent more nations from failing? Professor Acemoglu gives us his insights on and suggestions for the precarious situation the world is in.
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