In order to analyze this behavior aggregate development of a nation’s economy, we will examine group interactions that make up a nation’s general behavior. Acemoglu and Robinson’s theory of inclusive political institutions is the most convincing in explaining economic growth. They note that specific economic institutions including banks, capital, and property rights must be present, an intervening variable. However, the creation of these is dependent on political institutions, so it is the driving factor. The introduction of this conditional variable makes Acemoglu and Robinson’s idea most progressive and politically salient, while continuing to explain the importance of specific economic factors.
To demonstrate that Why Nations Fail best explains economic growth for states, the problems with competing theories will be reviewed. The causal l...
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...d elections mattered less (Doner, Ritchie, and Slater 2005). This block of anomalies contradicts the other theories regarding instability. Therefore, neither explanation, either positive or negative, of instability’s effect on growth is convincing. Corruption and the lack thereof are the most important variables driving economic institutions.
Mauro’s study convincingly demonstrates that corruption limits the ability of a nation to develop using indices of honesty and efficiency. He finds that corruption in the society results in lower levels of investment and bureaucratic inefficiency, crippling a nation’s economy. Political corruption here contributes to lack of capital which is necessary to develop a nation’s economic abilities and induce growth (Mauro 1995). This is a convincing argument for why growth is restricted, but it fails to explain which factors cause it.
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