Institutions — not geography, culture, or other factors
— explain why some nations succeed and others fail. So says
Daron Acemoglu in an ambitious new book drawing evidence from
thousands of years of human history and from societies as diverse
as those of the Inca Empire, 17th century England, and contemporary
Botswana. Inclusive political and economic institutions, influenced
by critical junctures in history, produce virtuous cycles that
reinforce pluralism in the market and in politics.