Sprague Word

The future and more from Richard Sprague

Posted by sprague on August 7, 2012

What limits China’s horizon is much like what limited the Soviets in the mid-20th century. Both are what Acemoglu calls “extractive” economies run by a narrow political elite largely for their own benefit. Such economies don’t innovate because innovation means letting new winners emerge in the economy as they outcompete existing power players, some of whom get bumped.

‘Why Nations Fail’: Will this be China’s century? – CSMonitor.com

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