“ Their next option was Australia. Its eastern seaboard had been explored by the great seafarer Captain James Cook. On April 29, 1770, Cook landed in a wonderful inlet, which he called Botany Bay in hon… Daron Acemoğlu
“ THE CONTRAST OF South and North Korea, and of the United States and Latin America, illustrates a general principle. Inclusive economic institutions foster economic activity, productivity growth, and e… Daron Acemoğlu
“ Political and economic institutions, which are ultimately the choice of society, can be inclusive and encourage economic growth. Or they can be extractive and become impediments to economic growth. Na… Daron Acemoğlu
“ In fact, it is known that a major technological innovation, the introduction of the steel axe among the group of Australian Aboriginal peoples known as Yir Yoront, led not to more intense production b… Daron Acemoğlu
“ IF THE POLITICAL and economic institutions of Latin America over the past five hundred years were shaped by Spanish colonialism, those of the Middle East were shaped by Ottoman colonialism. Daron Acemoğlu
“ The records of a relatively small bank, C. Hoare’s & Co. in London, which have survived intact from the period 1702–1724, illustrate this point. Though the bank did lend money to aristocrats and lords… Daron Acemoğlu
“ Many studies estimate that only about 10 or at most 20 percent of aid ever reaches its target. Daron Acemoğlu
“ Infighting and instability are thus inherent features of extractive institutions, and they not only create further inefficiencies but also often reverse any political centralization, sometimes even le… Daron Acemoğlu
“ Inclusive economic institutions also pave the way for two other engines of prosperity: technology and education. Sustained economic growth is almost always accompanied by technological improvements th… Daron Acemoğlu
“ For every elite benefiting from extraction there is a non-elite who would love to replace him. Daron Acemoğlu
“ Dutch governor of Batavia, Jan Pieterszoon Coen, came up with an alternative plan. Coen founded Batavia, on the island of Java, as the Dutch East India Company’s new capital in 1618. In 1621 he sailed… Daron Acemoğlu
“ About 15,000 BC, the Ice Age came to an end as the Earth’s climate warmed up. Evidence from the Greenland ice cores suggests that average temperatures rose by as much as fifteen degrees Celsius in a s… Daron Acemoğlu
“ In 1500 standards of living were probably at least as high in China as they were in Europe. Daron Acemoğlu
“ Under inclusive economic institutions, wealth is not concentrated in the hands of a small group that could then use its economic might to increase its political power disproportionately. Furthermore,… Daron Acemoğlu
“ The fact that bonuses were paid monthly also kept everyone focused on the present, while innovation is about making sacrifices today in order to have more tomorrow. Even when bonuses and incentives we… Daron Acemoğlu
“ The Spanish strategy of colonization was highly effective. First perfected by Cortés in Mexico, it was based on the observation that the best way for the Spanish to subdue opposition was to capture th… Daron Acemoğlu
“ Most important perhaps, in most of these cases there were enormous benefits from holding power. These benefits both attracted the most unscrupulous men, such as Stevens, who wished to monopolize this… Daron Acemoğlu
“ Inclusive economic and political institutions do not emerge by themselves. They are often the outcome of significant conflict between elites resisting economic growth and political change and those wi… Daron Acemoğlu
“ After 1688 the state began to rely more on talent and less on political appointees, and developed a powerful infrastructure to run the country. Daron Acemoğlu
“ While Bigge was trying to turn back the clock, ex-convicts and their sons and daughters were demanding greater rights. Most important, they realized, again just as in the United States, that to consol… Daron Acemoğlu
