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…

The Russian Odyssey: 1924-1953

During Stalin’s rule, the Soviet Union abandoned markets in favour of a pure command economy, and industrialized at the fastest possible pace…