James Robinson, Harvard University, discussed his recent book Why Nations Fail on September 28, 2012 as part of the 2012-13 CSES Lecture Series. In this lecture, Prof. Robinson answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest-growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or the lack of it).
“Economic action is ‘social’ insofar as its subjective meaning takes account of the behavior of others and is thereby oriented in its course.”— Max Weber