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Acemoglu and Robinson, in their book entitled, “Why Nations Fail,” categorize institutions into two types: those...

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Economics

Acemoglu and Robinson, in their book entitled, “Why NationsFail,” categorize institutions into two types: those that are‘inclusive’ and those that are ‘extractive’

  1. What are the major characteristics of these two types ofinstitutions?
  2. Why are institutions important for long run economicdevelopment?
  3. Why are institutions ‘persistent’?
  4. Is economic growth possible under extractive institutions?

Answer & Explanation Solved by verified expert
3.8 Ratings (495 Votes)
a The inclusive countries are those in why the political factors decide the future and prosperity of the country The authors have cited the example of North Korea and South Korea South Korea has developed itself as an economically stable country as its government was a forward thinker and they have given the people rights to make themselves dependent so that the economy could be developed and economic stability can    See Answer
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