The U.S. has done well over 200-plus years in most of the areas Acemoglu and Robinson stress. But the country now seems to be in the grip of an oligarchy that is determined to protect its position at the expense of spending for the public good on things like education and scientific research. Nations frequently fail when powerful interest groups block change. If this is the U.S. situation, it’s more serious than any rating company’s view on debt levels. (Source: Bloomberg)
I have been writing about exactly the same topic for years. I based my views on my experience in Europe and especially in Italy.
I am very pleased to see that Harvard's professors confirm my experience. I always said that countries with few power groups grow slowly. The fewer power groups, the slower the economic growth.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
2009 Market Timer of the Year by Timer Digest
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