OPINION

Why do some countries prosper while others falter?

News, Jeffrey Frankel, Published on 06/11/2024

» Why have some countries grown rich and others not? The three winners of this year's Nobel Prize in Economic Sciences -- Daron Acemoglu, Simon Johnson, and James A Robinson -- offer a simple answer: institutions. Countries with "inclusive" institutions -- which underpin an open society, accountable government, economic freedom, and the rule of law -- do better than those with "extractive" institutions that reward those in power.