Quotes About Economic

Many, such as the Ottoman Empire, China, and other absolutist regimes, lagged behind as they blocked or at the very least did nothing to encourage the spread of industry. Political and economic institutions shaped the response to technological innovation, creating once again the familiar pattern of interaction between existing institutions and critical junctures leading to divergence in institutions and economic outcomes. The

Nations fail when they have extractive economic institutions, supported by extractive political institutions that impede and even block economic growth.

Congo, vividly illustrates how political institutions determine economic institutions and, through these, the economic incentives and the scope for economic growth.

The most important lesson is that extractive institutions cannot generate sustained technological change for two reasons: the lack of economic incentives and resistance by the elites.

In this chapter, we will see how during the critical juncture created by the Industrial Revolution, many nations missed the boat and failed to take advantage of the spread of industry. Either they had absolutist political and extractive economic institutions, as in the Ottoman Empire, or they lacked political centralization, as in Somalia. A

Five hundred years ago, Mexico, home to the Aztec state, was certainly richer than the polities to the north, and the United States did not pull ahead of Mexico until the nineteenth century. South and North Korea were economically, as well as socially and culturally, indistinguishable before the country was divided at the 38th parallel after the Second World War. Similarly, most of the huge economic differences we observe around us today emerged over the last two hundred years.

Las instituciones económicas inclusivas exigen no solamente mercados, sino mercados inclusivos que creen unas reglas de juego más equitativas y oportunidades económicas para la mayoría de la gente. El monopolio generalizado, respaldado por el poder político de la élite, contradice esta posibilidad.

Our brief review of the history of the Americas begins to give a sense of the forces that shape political and economic institutions. Different patterns of institutions today are deeply rooted in the past because once society gets organized in a particular way, this tends to persist. We'll show that this fact comes from the way that political and economic institutions interact. This

La lección más importante que se puede aprender es que las instituciones extractivas no pueden generar un cambio tecnológico sostenido por dos razones: la falta de incentivos económicos y la resistencia por parte de las élites.

Countries differ in their economic success because of their different institutions, the rules influencing how the economy works, and the incentives that motivate people.

La combinación de innovación tecnológica y organizativa proporciona el modelo para el progreso económico que transformó las economías mundiales que llegarían a ser ricas.

The reason that the economic and political trajectory of the South never changed, even though slavery was abolished and black men were given the right to vote, was because blacks' political power and economic independence were tenuous. The southern planters lost the war, but would win the peace. They were still organized and they still owned the land.

Inclusive economic institutions that enforce property rights, create a level playing field, and encourage investments in new technologies and skills are more conducive to economic growth than extractive economic institutions that are structured to extract resources from the many by the few and that fail to protect property rights or provide incentives for economic activity.

The process of economic growth and the inclusive institutions upon which it is based create losers as well as winners in the political arena and in the economic marketplace. Fear of creative destruction is often at the root of the opposition to inclusive economic and political institutions.

Political and economic institutions, which are ultimately the choice of society, can be inclusive and encourage economic growth. Or they can be extractive and become impediments to economic growth. Nations fail when they have extractive economic institutions, supported by extractive political institutions that impede and even block economic growth.

The decline of labor coercion is not the only factor transforming the corridor. Another important economic trend, but with more complex, multifaceted implications for liberty, is globalization.

During critical junctures, a major event or confluence of factors disrupts the existing balance of political or economic power in a nation.

You inch up through predictable behavior, and by avoiding anything problematic. This is how it intersects with the Consensual Economic Order.

Failure to prevent the Great Depression during the 1930s was the Fed's greatest blunder until the runaway inflation of the 1970s.

Doctor, I will be as direct with you as I can. I have long and do still steadfastly believe that slavery is the great cause of all the chief evils of our land. It is a cancer eating at our bowels, the source of all our misery, individual, political, and economic.

There is not one single social or economic principle or concept in the philosophy of the Russian Bolshevik which has not been realized, carried into action, and enshrined in immutable laws a million years ago by the White Ant.

The enforcement of the Baldwin-Coolidge debt settlement is a recognisable factor in the economic collapse which was presently to overwhelm the world, to prevent its recovery and inflame its hatreds.

If we could only weave Gaul and Teuton so closely together economically, socially, and morally as to prevent the occasion of new quarrels, and make old antagonisms die in the realisation of mutual prosperity and interdependence, Europe would rise again.

To argue that because Old Testament law does not prescribe explicit penalties related to infringement of its economic legislation, therefore modern civil authorities are excluded from any form of intervention in the economic marketplace betrays both the inadequacy of theonomism's preoccupation with penalties and also, in my view, its ideological bias towards unfettered, free-market economic capitalism.