summary ofWhy Nations FailBook by Daron Acemoglu, PhD, James A. Robinson, PhD

first KEY POINT

Early planning helps nations succeed

Many resource-rich nations struggle, while others with fewer resources thrive. Many find this baffling since they can't determine why certain countries fail. Economics is the apparent cause of this problem. A nation's prosperity depends on its natural resources and ability to increase riches. Economies flourish when government programs and services are coordinated with public needs and wants via overarching policies.The world's most developed and secure economies are those whose leaders act swiftly following significant events. When there's an existing inclusive structure that benefits the people, it becomes easier to sustain economic growth. Creating a quality economy is easier in a country that makes it difficult for its citizens or corporations to steal money from the national treasury.A good economy requires leaders who see service as a clarion call rather than an avenue to fill their pockets. On the other hand, in nations where only a few people control the nation's wealth, it becomes increasingly difficult to implement sustainable change. Creating the right incentive for leaders and the masses is essential to the growth of any nation. In China, convicted looters are executed according to the laws, while African countries celebrate theirs.

Many developing nations will remain poor due to a lack of early planning. However, nations ready and determined to change for good will see positive results if they remain committed to the cause. The changes needed to turn a nation’s fortunes around are not spontaneous. They take time, and they require continuous execution by intelligent representatives. In this summary, you will find the main reasons for countries’ economic prosperity and why some have yet to achieve it.