The Nobel Laureates that explained why your Country is Poor and others are Rich

The economists trio of Daron Acemoglu, Simon Johnson and James Robinson have received Nobel prize for explaining how adherence to legal and political institutions contribute to the growth of a country, while those with fledgling and corrupt institutions battle huge setbacks. It is vital to talk about institutions which form bedrock of government across the globe. Mainly you can categorize it into legal, political and economic institutions. Each functioning at their own pace to contribute its own quota in building progressive country. Many African countries have treated these institutions with utmost disdain, publicly making mockery of public institutions meant to serve the people, and have respect for rule of law, elected officials have weaponised these institutions to keep people in the dark.

Countries with less regard for rule of law and promote exploitative practices at the detriment of poor masses create chaotic atmosphere for political and economic growth, thereby plunging the poor masses to live in penury. This is clear findings that worked and applied in many African countries, justice is no longer at the bosom of the court but at the hands of highest bidders whose interests will be protected at all cost, for mutual backscratching that runs deep in the system, tactics used to oppress poor masses and make a mess of institutions that suppose to be carried in honour and so such regard, has become a laughing stock, and have turned to a commodity in the market for everyone to bid their price.

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Many African countries still experience vote buying during elections, when poverty is used against the masses, they become vulnerable to accept whatever they are offered at the polling unit. Thuggery and election violence are still prevalent, there are no respect for rule of law and people’s are treated with no respect, life which is the fulcrum of all the rights have been reduced to nothing, lives are lost during elections, scores are injured. There are complete absence of harmonious coexistence among citizens of the country, especially countries that comprised different tribes, political affiliations and sentiments are often orchestrated as an instrument of civil unrest, politician use it to drive their sinister agenda that are anti-people.

Most of these institution were brainchild of colonisers, the Nobel committee citing the work of the economists draw distinction between colonisers who introduced inclusive atmosphere for progressive society and those who exploit the populace and squeeze out the resources out of their reach for the benefits of few elites and at the detriment of vast majority of the populace, this findings have a stronghold in Africa. “The laureates have shown that one explanation for differences in countries’ prosperity is the societal institutions that were introduced during colonization,” Nobel committee said. Africa has chosen to preserve the maladministration more than they have preserved any form of practices inherited from colonisers, while the elites are feeding fat in economic hardship and unending inflation, the masses are waiting to feed from the crumbs that fell off from their table.

The world is fast moving towards ultra modern technology advancements, last year Acemoglu and Johnson published “Power and Progress”, that underlines technological improvements witnessed for more than 10 centuries ago, agricultural improvements to artificial intelligence, a transitional advancements that have aided elites and provided less path for prosperity for all. And they have questioned the development of Artificial Intelligence towards economy and democracy. The trio will share among them prize of $1 million and the award; Nobel Prize Monday.