What You Will Learn From the Book “Why Nations Fail” By Daron Acemoglu and James A. Robinson
July 4, 2018
That was how I read the book, “Why Nations Fail” by Daron Acemoglu and James A. Robinson. Well, it was not my idea to read this book, Samuel Adeoye, my library friend during my days at the University of Ibadan suggested the book. However, it took me a month and a few days to demystify the content of a 500 pages book. After I had finished reading I thought I would never be able to write a review, because I felt some heaviness in my brain to summarize my learnings. But today the tide turned towards a review because I picked my cell phone out of the blues to scribble.
Here are what I learnt from the book:
1. Big nations grow because they created an inclusive economic system. E.g. Botswana
2. If the culture of elitism (oligarchy) and capitalism is moderated and controlled, it creates a society where everyone matters as a member of a nation.
3. Building a solid structure prevents a nation from crumbling. E. g. America in the 1860’s (if you have watched the documentary movie “the men who built America you would be able to relate) and Botswana in the 1960’s
4. Nations that fail today are built on extractive institutions that are powered by elitism (oligarchy) and capitalism. The culture of elitism is learnt from the colonial masters.
5. Most failing nation today experienced colonialism.
6. With the institutional failure in failing nations today, there is little to the correction, growth or advancement that can be achieved. Example of these nations e.g. Nigeria, Zimbabwe under Mugabe
7. The solution to breaking from extractive institutions for failing nations can never be gotten or accomplished in a rush, it will take time, knowledge, determined pursuit and also a revolution.
8. The 1789 French Revolution, changed the growth narrative of other European nations like Germany, Switzerland, Italy and more.
9. Ask yourself this question, “What do I know about the prehistoric, historic, and present of my nation? ” if you are truly ready to fight for the development and advancement of your failing nation.
10. For growth, thoroughly understand the present institution in place, you cannot fight for a future without understanding the present and why it failed or it is failing.
11. An inclusive economic system involves creating a creative explosion.
12. For growth, the power of the media is enormous. Do not underestimate the power of the media. (In addition from me, don’t underestimate the media even for destructive purposes.)