“ Without the changes in political institutions and political power similar to those that emerged in England after 1688, there was little chance for absolutist countries to benefit from the innovations… Daron Acemoğlu
“ England did not become a democracy after the Glorious Revolution of 1688. Far from it. Only a small fraction of the population had formal representation, but crucially, she was pluralistic. Once plura… Daron Acemoğlu
“ How to engineer prosperity. These engineering attempts come in two flavors. The first, often advocated by international organizations such as the International Monetary Fund, recognizes that poor deve… Daron Acemoğlu
“ Today we still call the standard method of achieving secrecy in voting in elections the Australian ballot. The Daron Acemoğlu
“ Though the early growth in Botswana relied on meat exports, things changed dramatically when diamonds were discovered. The management of natural resources in Botswana also differed markedly from that… Daron Acemoğlu
“ Pluralism also creates a more open system and allows independent media to flourish, making it easier for groups that have an interest in the continuation of inclusive institutions to become aware and… Daron Acemoğlu
“ Inclusive economic institutions, in turn, are forged on foundations laid by inclusive political institutions, which make power broadly distributed in society and constrain its arbitrary exercise. Such… Daron Acemoğlu
“ Extractive institutions are so common in history because they have a powerful logic: they can generate some limited prosperity while at the same time distributing it into the hands of a small elite. F… Daron Acemoğlu
“ The growth generated by extractive institutions is very different in nature from growth created under inclusive institutions, however. Most important, it is not sustainable. By their very nature, extr… Daron Acemoğlu
“ In the case of China, the growth process based on catch-up, import of foreign technology, and export of low-end manufacturing products is likely to continue for a while. Daron Acemoğlu
“ English exports, led by cotton textiles, doubled between 1780 and 1800. It was the growth in this sector that pulled ahead the whole economy. The combination of technological and organizational innova… Daron Acemoğlu
“ The government in North Korea is a communist dictatorship opposed to private property and markets. But it is difficult to control black markets, and black markets make transactions in cash. Of course… Daron Acemoğlu
“ Many citizens in Rome did not need to work: they lived off the handouts from the government. Daron Acemoğlu
“ Inclusive economic institutions, such as those in South Korea or in the United States, are those that allow and encourage participation by the great mass of people in economic activities that make bes… Daron Acemoğlu
“ Inclusive economic institutions require secure property rights and economic opportunities not just for the elite but for a broad cross-section of society. Secure Daron Acemoğlu
“ IN 1445 IN THE GERMAN city of Mainz, Johannes Gutenberg unveiled an innovation with profound consequences for subsequent economic history: a printing press based on movable type. Daron Acemoğlu
“ Globalization made the large open spaces of the Americas, its open frontiers, valuable. Often these frontiers were only mythically open, since they were inhabited by indigenous peoples who were brutal… Daron Acemoğlu
“ Extractive institutions that have achieved at least a minimal degree of political centralization are often able to generate some amount of growth. What is crucial, however, is that growth under extrac… Daron Acemoğlu
“ Absolutism and a lack of, or weak, political centralization are two different barriers to the spread of industry. But they are also connected; both are kept in place by fear of creative destruction an… Daron Acemoğlu
“ But it also meant that there were checks within Parliament against any single group becoming too powerful and abusing its power. It was the critical factor in the emergence of pluralistic political in… Daron Acemoğlu
