Daron Acemoğlu Quote
Just as African societies took aggressive advantage of the economic opportunities presented by the slave trade, they did the same with legitimate commerce. But they did so in a peculiar context, one in which slavery was a way of life but the external demand for slaves had suddenly dried up. What were all these slaves to do now that they could not be sold to Europeans? The answer was simple: they could be profitably put to work, under coercion, in Africa, producing the new items of legitimate commerce. One of the best documented examples was in Asante, in modern Ghana. Prior to 1807, the Asante Empire had been heavily involved in the capturing and export of slaves, bringing them down to the coast to be sold at the great slaving castles of Cape Coast and Elmina. After 1807, with this option closed off, the Asante political elite reorganized their economy. However, slaving and slavery did not end. Rather, slaves were settled on large plantations, initially around the capital city of Kumase, but later spread throughout the empire
Just as African societies took aggressive advantage of the economic opportunities presented by the slave trade, they did the same with legitimate commerce. But they did so in a peculiar context, one in which slavery was a way of life but the external demand for slaves had suddenly dried up. What were all these slaves to do now that they could not be sold to Europeans? The answer was simple: they could be profitably put to work, under coercion, in Africa, producing the new items of legitimate commerce. One of the best documented examples was in Asante, in modern Ghana. Prior to 1807, the Asante Empire had been heavily involved in the capturing and export of slaves, bringing them down to the coast to be sold at the great slaving castles of Cape Coast and Elmina. After 1807, with this option closed off, the Asante political elite reorganized their economy. However, slaving and slavery did not end. Rather, slaves were settled on large plantations, initially around the capital city of Kumase, but later spread throughout the empire
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About Daron Acemoğlu
Born to Armenian parents in Istanbul, Acemoglu received a BA from the University of York in 1989, and a PhD from the London School of Economics (LSE) in 1992. He lectured at LSE for a year before joining the Department of Economics at the Massachusetts Institute of Technology. He was awarded the John Bates Clark Medal in 2005. Acemoglu is best known for his work on political economy. He has authored hundreds of papers, many of them with his long-time collaborators Simon Johnson and James A. Robinson. With Robinson, he co-authored the books Economic Origins of Dictatorship and Democracy (2006) and Why Nations Fail (2012). The latter, an influential book on the role that institutions play in shaping nations' economic outcomes, receive wide scholarly and media attention. Described as a centrist, he believes in a regulated market economy. He regularly comments on political issues, economic inequality, and a variety of specific policies.
Acemoglu ranked third, behind Paul Krugman and Greg Mankiw, in the list of "Favorite Living Economists Under Age 60" in a 2011 survey among American economists. In 2015, he was named the most cited economist of the past 10 years per Research Papers in Economics (RePEc) data. According to the Open Syllabus Project, Acemoglu is the third most frequently cited author on college syllabi for economics courses after Mankiw and Krugman.