That’s One Way to Put It

According to “Why Nations Fail,” a book cited by Tom Friedman in his New York Times column today, egalitarian institutions are the key to successful nations, “extractive economic and political institutions” lead to failed ones.

I have no issue with the authors’ observations and conclusions — after all, they’re Tenured Ivy League Professors! — just their rather antiseptic (not to say amoral) language.

So, instead of “extract,” I might have said “steal”; instead of “concentrate power” I would have said “bribe and corrupt.”

And instead of “extractive economic institution?”

Try, “modern-day Wall Street.”

Just a small difference in semantics . . .

P.S.:  And I always thought an “extractive economic institution” was a gold mining company.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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