1. (45 points) Bill Gates is a businessman from the USA with a net worth of 121,7 billion dollars and Carlos Slim is a businessman from Mexico with a net worth of 83,9 billion dollars. Daron Acemoglu and David Robinson make a comparison between these two businessmen in the first chapter of their book, "Why Nations Fail". On week 2, I talked about how Bill Gates and Carlos Slim acquired their wealth in their respective countries based on the discussion by Acemoglu and Robinson. Bill Gates acquired his wealth through innovative activities under the inclusive political and economic institutions of the USA. These institutions both incentivized him to undertake those innovative activities and also constrained him from engaging in monopoly behavior. As a result, Acemoglu and Robinson say, Bill Gates' economic activities were beneficial to the US economy. Carlos Slim, on the other hand, acquired his wealth and became the richest person in Mexico by creating monopolies in important sectors of the Mexican economy, thanks to the privileges and favors he secured from corrupt state officials under the extractive political and economic institutions of Mexico. The institutions of Mexico neither incentivized Carlos Slim to innovate, nor constrained him from engaging monopoly behavior. As a result, Acemoglu and Robinson say, Carlos Slim's economic activities were harmful to the Mexican economy. On February 26, 2013, Bill Gates published a short review of the book "Why Nations Fail", in which he, albeit surprisingly, criticized the book very harshly. Read his review at the link below: https://www.gatesnotes.com/Books/Why-Nations-Fail On March 12, 2013, Daron Acemoglu and David Robinson published a harsh response to Bill Gates. Read their response at the link below: https://foreignpolicy.com/2013/03/12/what-bill-gates-got-wrong-about-why-nations-fail/ After reading both of the above articles, briefly answer the following question: Bill Gates' above review of "Why Nations Fail" shows that Bill Gates thinks Aceroglu and Robinson praised him in their book. Once you've read both the articles, do you think that Bill Gates is right about this? Why? Why not? Use the inclusive/extractive institutions framework to answer this