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Why Nations Fail: The Origins of Power, Prosperity andPovertyMorishima Lecture, LSE June 8, 2011Acemoglu and Robinson have made an important contribution to the debate as to why similar-looking nations differ so greatly in their economic and political development. Through a broad multiplicity of historical examples, they show how institutional developments, sometimes based on very accidental circumstances, have had enormous consequences. The openness of a society, its willingness to permit creative destruction, and the rule of appear to be decisive for economic development. [Kenneth Arrow]
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