Lee Ki-wuThe author is an emeritus professor at Inha University Law School and a member of the JoongAng Ilbo’s Reset Korea campaign’s special committee on constitutional amendment.
This year’s Nobel Memorial Prize in Economic Sciences went to “Why Nations Fail” co-authors Daron Acemoglu and Simon Johnson of the Massachusetts Institute of Technology (MIT), and James Robinson of the University of Chicago, for their empirical research on the critical role institutions can have in deciding a nation’s success or failure. Their investigation discovered that the condition of a wealthy or poor country is not the work of the Providence but a byproduct of deliberate human choices.
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