Carlos Slim is a Mexican billionaire. When Acemoglu and Robinson published Why Nations Fail in 2012, Slim was the wealthiest man in the world. However, the authors note that Slim built his wealth by manipulating extractive institutions to his advantage—most importantly, he convinced his allies in the government to privatize Mexico’s telecommunications monopoly and sell it to him. The authors go on to argue that Slim stifles innovation and creative destruction by dodging antimonopoly laws through a legal loophole. In their first chapter, they contrast Slim’s path to riches with Bill Gates’s in order to show how entrepreneurs have very different incentives under extractive and inclusive institutions.