The success and prosperity of a nation boils down to their institutions, legal fairness and political transparency. Most countries lack the sense of equality by having exclusionary policies designed to enrich the elites and exploit the poor majority, preventing technological innovation, but social tensions, the legacy form civil conflict, geography, corruption and policy failure, contribute to government weakness. Extractive economic institutions do not create incentives needed for people to save, Invest and innovate.  Higher productivity promotes faster economic growth, and faster growth allows a nation to escape poverty. Nobel prize-winning economist, Daron Acemoglu and James A. Robinson makes meticulous enquiry … Continue reading Variation in prosperity and poverty