Who are our extractive elites?

According to highly regarded economists Daron Acemoglu and James Robinson, nations fail because elites, when politically powerful enough, often promote extractive economic institutions and policies that are detrimental to economic growth. Essentially, they hamper the emergence of new technologies, prevent society from realizing its economic potential, and often violate the rights of others, destroying incentives for investment and innovation.

Source: Expresso by expresso.pt.

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