How nations can promote peace, prosperity, and stability through cohesive political institutions "Little else is required to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things." So wrote Adam Smith a quarter of a millennium ago. Using the tools of modern political economics and combining economic theory with a bird's-eye view of the data, this book reinterprets Smith's pillars of prosperity to explain the existence of development clusters—places that tend to combine effective state institutions, the absence of political violence, and high per-capita incomes. To achieve peace, the authors stress the avoidance of repressive government and civil conflict. Easy taxes, they argue, refers not to low taxes, but a tax system with widespread compliance that collects taxes at a reasonable cost from a broad base, like income. And a tolerable administration of justice is about legal infrastructure that can support the enforcement of contracts and property rights in line with the rule of law. The authors show that countries tend to enjoy all three pillars of prosperity when they have evolved cohesive political institutions that promote common interests, guaranteeing the provision of public goods. In line with much historical research, international conflict has also been an important force behind effective states by fostering common interests. The absence of common interests and/or cohesive political institutions can explain the existence of very different development clusters in fragile states that are plagued by poverty, violence, and weak state capacity.

"Five Pillars of Prosperity: Essentials of Faith-Based Wealth Building by Dr. M. Yaqub Mirza provides readers with a balanced and sensible approach to financial planning and security. The book is unique in that it is written by a leading Muslim financial expert who draws on Islamic teachings while showing how these Islamic values are consistent with Jewish and Christian values. Though the primary audience may be American Muslims, anyone interested in financial security will find this practical guide helpful in making wise financial decisions. Dr. Mirza presents a powerful and provocative case for arranging one's life - and the material pursuits - in ways that not only benefit the reader but also society at large. He shows how the attainment of wealth and prosperity can be achieved by following five key activities: Earning, Saving, Investing, Spending, and Giving. The author closes with a discussion on wealth building strategies and wealth preservation. Additionally, he has provided a section of resources and an extensive bibliography for further reading. The book is rich in investment strategies and advice and though the topic is often complex Dr. Mirza's writings are clear and accessible to a general audience"--

The moral virtues are the foundation and support of prosperity as they are the soul of greatness. They endure for ever, and all the works of man which endure are built upon them. Without them there is neither strength, stability, nor substantial reality, but only ephemeral dreams. To find moral principles is to have found prosperity, greatness, truth, and is therefore to be strong, valiant, joyful and free.If, for instance, a literary, artistic, or spiritual genius should begin by trying to make money, it may be, and often is, to his advantage and the betterment of his genius that he should fail therein, so that he may achieve that more sublime success wherein lies his real power. Many a millionaire would doubtless be willing to barter his millions for the literary success of a Shakespeare or the spiritual success of a Buddha, and would thereby consider that he had made a good bargain. Exceptional spiritual success is rarely accompanied with riches, yet financial success cannot in any way compare with it in greatness and grandeur.

Long-term economic prosperity cannot be achieved unless it is built on a solid foundation. That solid foundation consists of four pillars: governments, businesses, religions, and banks.Each pillar is a key element in the prosperity of a nation and this includes its government, its businesses, it religions, its banks, and ultimately its citizens. When one or more of the pillars is missing or is unnecessarily restricted then that nation will not experience long-term financial prosperity.

CONSIDER THIS SHOCKING FACT: while China’s number one export to the United States is $46 billion of computer equipment, the number one export from the U.S. to China is waste—$7.6 billion of waste paper and scrap metal. Bestselling author Clyde Prestowitz reveals the astonishing extent of the erosion of the fundamental pillars of American economic might—beginning well before the 2008 financial crisis—and the great challenge we face for the future in competing with the economic juggernaut of China and the other fast-rising economies. As the arresting facts he introduces show, the U.S. is rapidly losing the basis of its wealth and power, as well as its freedom of action and independence. If we do not make dramatic changes quickly, we will confront a painful permanent slide in our standard of living; the dollar will no longer be the world’s currency; our military strength will be whittled away; and we will be increasingly subject to the will of China, Russia, Saudi Arabia, and various malcontents. But it doesn’t have to be that way. As Prestowitz shows in a masterful account of how we’ve come to this fateful juncture, we have inflicted our economic decline on ourselves—we abandoned the extraordinary approach to growth that drove the country’s remarkable rise to superpower status from the early days of the republic up through World War II. For most of our history, we supported our home industries, protected our market against unfair trade, made the world’s finest products—leading the way in technological innovation—and we were strong savers. But in the post-WWII era, we reversed course as our leadership embraced a set of simplistically attractive but disastrously false ideas—that consumption rather than production should drive our economy; that free trade is always a win-win; that all globalization is good; that the market is always right and government regulation or intervention in the economy always causes more harm than good; and that it didn’t matter that our factories were fleeing overseas because we were moving to the "higher ground" of services. In a devastating account, Prestowitz shows just how flawed this orthodoxy is and how it has gutted the American economy. The 2008 financial crisis was only its most blatant and recent consequence. It is time to abandon these false doctrines and to get back to the American way of growth that brought us to world leadership; Prestowitz presents a deeply researched and powerful set of highly practical steps that we can begin implementing immediately to reverse course and restore our economic leadership and excellence. The Betrayal of American Prosperity is vital reading for all Americans concerned about the future of the economy and of our power in the coming era.

“Compact and immensely readable . . . a tour de force. Prepare to be amazed.” John C. Bogle, Founder and Former CEO, The Vanguard Group Bernstein is widely respected as author of the bestseller, The Intelligent Asset Allocator Identifies and explains the four conditions necessary for human progress