Virtuous circles of innovation, expansion and peace are formed from inclusive institutions which form a cycle of increasing prosperity. Essentially, good (inclusive) institutions enable investment and a sense of security in the government and the economic system and so nations prosper, but bad (extractive) institutions do not. government, market system), and not because of their climates, geography or culture. It argues that some nations are wealthier and more prosperous than others because of their political and economic institutions (e.g. I picked up Why Nations Fail because it linked several subjects that I was interested in – mainly politics and economics, but it also includes geography, history and some philosophy.
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