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The book, Why Nations Fail, argues that inclusive economic and political institutions are the foundationThe book, Why Nations Fail, argues that inclusive economic and political institutions are the foundation of prosperity. These institutions allow for broad participation and secure property rights, incentivizing innovation and investment.

Conversely, extractive institutions, which concentrate power and wealth in the hands of a few, lead to stagnation and poverty. The authors use historical examples to show how this institutional divide dictates the wealth of nations.

 of prosperity. These institutions allow for broad participation and secure property rights, incentivizing innovation and investment.

Conversely, extractive institutions, which concentrate power and wealth in the hands of a few, lead to stagnation and poverty. The authors use historical examples to show how this institutional divide dictates the wealth of nations.