Can liberal democracy be saved?

Nobel laureate Daron Acemoglu examines how liberal democracy flourished through shared prosperity, democratic governance, and free pursuit of knowledge, but faltered amid economic disruptions, digital technologies, and postindustrial inequality. He documents liberalism's successes and crises over the last four decades, critiquing its failure to adapt, and proposes a renewed working-class liberalism that prioritizes community, shared prosperity, and diverse values.

Daron Acemoglu and James Robinson argue that the success or failure of nations is determined by their political and economic institutions. They present a comprehensive theory based on 15 years of research, using historical examples from the Roman Empire, the Mayan city-states, the Soviet Union, and various other regions to demonstrate how inclusive institutions foster economic growth and prosperity, while extractive institutions lead to poverty and stagnation. The authors discuss critical questions such as China's economic growth, the future of the United States, and the most effective ways to help countries move from poverty to prosperity.