A Note on Extractive, and Exclusive Institutions – Prof. James A. Robinson

In this session we examine historical examples of prosperity and ruin: what is the pattern shown here and can it be intentionally recreated or avoided? Presenting from his book “Why Nations Fail” James A. Robinson will present the key components that must be included within all political, and economic institutions for prosperity to flow. Armed with this, we will examine the theme of extraction and delve further into how exclusive governments, enterprises, private banks, operate. By insuring authority over the methods in which a population can or cannot access currency, people can be tricked or bullied into service -both domestic and foreign. While private enterprise extracts via monopoly power, lax labour laws, and other deceitful tactics, it is ultimately the political institutions which decide the economic practices of that nation, yet governments continuously favour banks and bankers despite the negative impact they have inflicted. The institutions that governments protect do not offer equal access to all citizens dependent on fiat currencies, which leads to disempowerment.

As we evolve as a globally connected people, how do we put an end to extractive monetary practices? How do we set up an inclusive variant that more people have access to regardless of their nation?