Why Nations Fail: The Origins of Power, Prosperity, and Poverty - Study Guide Chapters 6-7, Drifting Apart, The Turning Point Summary & Analysis

Daron Acemoğlu
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Chapter 6 begins by analyzing the history of Venice, which at one point in the 14th century was the richest city in the world. It became rich due to its gradually evolving inclusive institutions, such as political councils made up of new, young merchants who could challenge the political power of Venetian elites. As a result, the city grew in size and wealth. Of particular note was the creation of new private contract laws, banks and the joint stock company. However, due to events in the late 13th and 14th century, Venice's institutional progress was reversed, with elites regaining power and slowing the course of Venetian growth, such that between 1650 and 1800 Venice shrank while Europe boomed.

The point of Chapter 6 is to emphasize that geography and culture aren't destiny and that cities like Venice...

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This section contains 909 words
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Buy the Why Nations Fail: The Origins of Power, Prosperity, and Poverty Study Guide
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