MIT economists Acemoglu and Robinson wrote a book "Why Nations Fail" that analyzes why countries at similar starting points can have extremely divergent paths in terms of economic development. One example is South and North Korea. Their conclusion is that some countries have established extractive institutions, while others inclusive. The extractive ones exclude the population from the decision making process and seek to divvy up and redistribute the scarce available resources, while the inclusive ones seek to involve the broadest possible strata of the population in the decision making and wealth-producing activities. Looks like Reddit is turning into the North Korea of social websites.
Is this a real book someone wrote? Incredible to me how you can call yourself an economist and just write basic observations and conclude they are the root cause of everything without even taking a cursory look at the history of things.
