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Essay / A Critique of Why Nations Fail by Acemoglu and Robinson
In a global economy surrounded by turbulence and instability, Daron Acemoglu and James Robinson attempt to solve the riddle of why some countries live in a state permanent poverty while others prosper in their novel "Why Nations Fail: The Origins of Power, Prosperity and Poverty". Through a comparison between "It's the Politics" by Geoffrey Garrett and Atin Basuchoudhary "Daron Acemoglu and James A. Robinson: Why Nations Fail: The Origins of Power, Prosperity and Poverty", this critical article aims to examine criticisms made by critics. authors on the main strengths, weaknesses and contributions of Acemoglu and Robinson's novel. Say no to plagiarism. Get a tailor-made essay on 'Why violent video games should not be banned'?Get the original essay Geoffrey Garrett, a reviewer based at the University of Sydney Business School, has provided an insightful and provocative review of 'Why Violent Video Games nations fail.” It begins by recognizing the strength of Acemoglu and Robinson's model by recognizing the similarities and connections to the earlier academic literature of Max Weber and his notion of the cultural work ethic and Adam Smith's free market principles to determine that the theoretical context provides substance and research integrity to their model. Garrett goes on to provide a succinct analysis of the weaknesses found in the text by questioning the scientific reliability and validity of the effects caused by the institutional features of a country in which he states that "The authors cannot scientifically test their audacity and their model. radical thesis because we cannot experiment on world history.” He further critiques their model by questioning their ability to take a broader view of environmental factors that do not play as visible a role in creating economic growth as the institutional features attributed by the authors. Through his examination of Mexico, Garrett describes the problems associated with the Mexican economy which was greatly affected by poor water supplies, which resulted in the disappearance of a large number of crops over the years and endemic diseases which have contributed significantly to the stagnation of the country's economic growth. The last weakness Garret highlights if the lack of continuity between the economic development of States and their capacity to adapt to the model attributed to the current global economy. This criticism is illustrated by the example of Greece, where the majority of economic problems, contrary to their model, developed from overly inclusive economic and political institutions. While the second analysis by Atin Basuchoudhary, which recognizes that the fundamental model “Why Nations Fail” draws on the inclusive and extractive characteristics of a country's political and economic institutions. This article has focused on the aspect of “differential institutional drift” and how historical shocks have affected the trajectory of global economic growth. In comparison to Garrett's review, Basuchoudhary focuses on the weakness rather than a mix of strengths and weaknesses, as Garrett's review shows. Both reviews refer to the "Glorious Revolution in England in 1966" as the event that triggered inclusive economic and political institutions. Basuchoudhary makes the connection that this event also caused "institutional divergence" by referring to the Black Death which caused significant shortages of..