Daron Acemoğlu Quote
Third and most radically, it is not even historically or geographically or culturally predetermined that Europeans should have been the ones colonizing the world. It could have been the Chinese or even the Incas. Of course, such an outcome is impossible when we look at the world from the vantage point of the fifteenth century, by which time Western Europe had pulled ahead of the Americas, and China had already turned inward. But Western Europe of the fifteenth century was itself an outcome of a contingent process of institutional drift punctuated by critical junctures, and nothing about it was inevitable. Western European powers could not have surged ahead and conquered the world without several historic turning points. These included the specific path that feudalism took, replacing slavery and weakening the power of monarchs on the way; the fact that the centuries following the turn of the first millennium in Europe witnessed the development of independent and commercially autonomous cities; the fact that European monarchs were not as threatened by, and consequently did not try to discourage, overseas trade as the Chinese emperors did during the Ming dynasty; and the arrival of the Black Death, which shook up the foundations of the feudal order. If these events had transpired differently, we could be living in a very different world today, one in which Peru might be richer than Western Europe or the United States.
Third and most radically, it is not even historically or geographically or culturally predetermined that Europeans should have been the ones colonizing the world. It could have been the Chinese or even the Incas. Of course, such an outcome is impossible when we look at the world from the vantage point of the fifteenth century, by which time Western Europe had pulled ahead of the Americas, and China had already turned inward. But Western Europe of the fifteenth century was itself an outcome of a contingent process of institutional drift punctuated by critical junctures, and nothing about it was inevitable. Western European powers could not have surged ahead and conquered the world without several historic turning points. These included the specific path that feudalism took, replacing slavery and weakening the power of monarchs on the way; the fact that the centuries following the turn of the first millennium in Europe witnessed the development of independent and commercially autonomous cities; the fact that European monarchs were not as threatened by, and consequently did not try to discourage, overseas trade as the Chinese emperors did during the Ming dynasty; and the arrival of the Black Death, which shook up the foundations of the feudal order. If these events had transpired differently, we could be living in a very different world today, one in which Peru might be richer than Western Europe or the United States.
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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.