Who stands to reap the most as Adani tightens grip and economy flounders?

Adani group Chairman Gautam Adani speaks during the inauguration of the 9th Vibrant Gujarat Global Summit in Gandhinagar, India on Jan 18, 2019. [File, AP Photo]

In an interesting coincidence, the 2024 Nobel Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson, and James Robinson in the same week that key indicators showed ordinary Kenyans sinking deeper into poverty.

Announcing the winners on October 14, the Royal Swedish Academy of Sciences noted that, “Societies with poor rule of law and institutions that exploit the population do not generate growth or positive change. The laureates’ research helps us understand why.”

For context, Acemoglu and Robinson are renowned for their influential book Why Nations Fail: The Origins of Power, Prosperity, and Poverty. Acemoglu and Johnson’s most recent book, Power and Progress: Our 1,000-Year Struggle Over Technology and Prosperity, explores the history and economics of technological transformations, including today’s era of artificial intelligence.