AUA Why Nations Fail - Daron Acemoglu | Page 165

know this took place in the context of intensified inter-city warfare, and it seems likely that opposition and rebellion within the cities, perhaps led by different factions of the elite, overthrew the institution. Though the extractive institutions that the Mayas created produced sufficient wealth for the cities to flourish and the elite to become wealthy and generate great art and monumental buildings, the system was not stable. The extractive institutions upon which this narrow elite ruled created extensive inequality, and thus the potential for infighting between those who could benefit from the wealth extracted from the people. This conflict ultimately led to the undoing of the Maya civilization. W HAT G OES W RONG ? Extractive institutions are so common in history because they have a powerful logic: they can generate some limited prosperity while at the same time distributing it into the hands of a small elite. For this growth to happen, there must be political centralization. Once this is in place, the state— or the elite controlling the state—typically has incentives to invest and generate wealth, encourage others to invest so that the state can extract resources from them, and even mimic some of the processes that would normally be set in motion by inclusive economic institutions and markets. In the Caribbean plantation economies, extractive institutions took the form of the elite using coercion to force slaves to produce sugar. In the Soviet Union, they took the form of the Communist Party reallocating resources from agriculture to industry and structuring some sort of incentives for managers and workers. As we have seen, such incentives were undermined by the nature of the system. The potential for creating extractive growth gives an impetus to political centralization and is the reason why King Shyaam wished to create the Kuba Kingdom, and likely accounts for why the Natufians in the Middle East set up a primitive form of law and order, hierarchy, and extractive institutions that would ultimately lead to the Neolithic Revolution. Similar processes also likely underpinned the emergence of settled societies and the transition to agriculture in the Americas, and can be seen in