Custom played such a large role in governing feudal institutions that they were resistant to change. Feudalism could only be shaken by substantial changes to the external environment, and those changes finally came…
Tag: famine
Why Nations Fail: Extractive and Inclusive Institutions
Acemoglu and Robinson’s goal is to explain why some nations are rich and others are poor. They present a theory based on the interaction between political and economic institutions. Casual empiricism suggests that its explanatory power is quite strong…
