Why Nations Fail: Historical lessons and their relevance today

Description

Throughout history, scholars have grappled with the question of why some nations flourish while others fall into decline. Two landmark works—Why Nations Fail by Daron Acemoglu and James A. Robinson, and The Muqaddimah by Ibn Khaldun—offer profound insights into this enduring question. Why Nations Fail, grounded in modern economic analysis, examines the role of political and economic institutions in determining a nation's success. In contrast, Ibn Khaldun’s Muqaddimah, written over six centuries ago, provides a cyclical view of societal rise and fall, focusing on social cohesion, leadership, and internal decay.

In this article, we explore the key arguments of both works, analyse the similarities between them, and investigate what Why Nations Fail brings to the table that is new. Finally, we apply these insights to a developing nation like Bangladesh, examining what lessons can be drawn from these theories to help guide the country's future. The combination of historical and modern perspectives offers a rich framework for understanding how nations can navigate the challenges of development and avoid the pitfalls that have led others to failure.