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New Institutional Economics’ Perspective on Wealth and Poverty of Nations. Concise Review and General Remarks on Acemoglu and Robinson’s Concept

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  • Dzionek-Kozłowska Joanna

    ()

  • Matera Rafał

    () (Department of History of Economic Thought and Economic History, Institute of Economics, University of Łódź, Łódź, Poland)

Abstract

Many thinkers made attempts to explain differences in economic development between countries, and point out what should be done to foster development. We review briefly some spectacular theories focused on these fundamental problems. We use the tools of economic analysis and the methods characteristic especially for institutional economics and economic history. However, the paper’s central aim is to analyse and assess one of the newest voices in that still open discussion coming from Acemoglu and Robinson and presented in their “Why Nation Failed? The Origins of Power, Prosperity, and Poverty”. Their book is brimmed with compelling illustrations, which we acknowledge as its strongest point. While the accuracy and coherence of their generalisations leave much to be desired. The analysis of those examples let to infer that the most important element encouraging or hampering economic development is the common participation of the people in economic and political processes.

Suggested Citation

  • Dzionek-Kozłowska Joanna & Matera Rafał, 2015. "New Institutional Economics’ Perspective on Wealth and Poverty of Nations. Concise Review and General Remarks on Acemoglu and Robinson’s Concept," Scientific Annals of Economics and Business, De Gruyter Open, vol. 62(s1), pages 11-18, October.
  • Handle: RePEc:vrs:aicuec:v:62:y:2015:i:s1:p:11-18:n:2
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    References listed on IDEAS

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    1. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
    2. Allen, Robert C., 2011. "Global Economic History: A Very Short Introduction," OUP Catalogue, Oxford University Press, number 9780199596652.
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