In Why Nations Fail Daron Acemoglu and James Robinson update Adam Smith’s classic The Wealth of Nations and David Landes brilliant The Wealth and Poverty of Nations. Where Jared Diamond saw nations failing because of Germs, Guns, and Steel, Acemoglu and Robinson’s research shows that institutions largely determine whether a state will prosper or fail. They give plenty of evidence that elites (yes, that pesky 1%) that are uncontrolled lead to rampant corruption and eventual societal failure. Acemoglu and Robinson persuaded me. If you’re going to only read one book of political analysis in 2012, make it Why Nations Fail. GRADE: A
Doesn’t it depress you to read this book and know that probably none of its advice on how we might fix things will ever come true. I supposed the US has always supported the rich much better than the poor, but it no longer is something done in secret. The shame has been leeched out of it.
You’re right about WHY NATIONS FAIL being a disheartening read, Patti. The 1% controls so much of the economy, banking, and political sectors. That’s why so many people feel powerless and just don’t bother voting. They figure “the fix” is in.
and they would be right, I’m afraid. We pretty much just try to hang on to what we have and hope for the best. This problem of who really controls things is also at the root of the deadlocked Congressional system we have, with the politicians owing so much allegiance to those who provide the money to campaign that they daren’t follow the dictates of their own mind, let alone the people they represent.
Well said, Rick! Acemoglu and Robinson point out that greed and arrogance rarely leads to good decision-making. The elites who grow too powerful tend to cripple their nations.
I’m afraid the fix is in. And there doesn’t seem to be much light at the end of the tunnel at the moment, other than the oncoming train.
I think the political process will continue to be corrupt, Jeff, until a third party changes the dynamic.