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Three U.S.-based academics were awarded the 2024 Nobel economics prize for their research on the lasting impact of colonization on global inequality, particularly in countries plagued by corruption and dictatorship. The Royal Swedish Academy of Sciences recognized British-American scholars Simon Johnson and James Robinson, along with Turkish-American Daron Acemoglu, for their work on the formation of institutions and their effect on prosperity.
Addressing the challenge of reducing income disparities between nations, the laureates delved into the historical origins of weak institutional environments in many low-income countries. Their findings shed light on how European colonization shaped the economic fortunes of various regions, leading to a reversal of prosperity in some ex-colonies while benefiting others where institutions were established.
The Nobel Prize in Economic Sciences, the final award of the year, carried a prize of 11 million Swedish crowns. Acemoglu emphasized the importance of strengthening public institutions and the rule of law in the face of weakening democratic governance worldwide.
The laureates’ research highlighted the detrimental impact of colonization on current prosperity levels, with higher mortality rates among colonizers correlating with lower output per capita. The economics award, established in 1968, has previously honored influential thinkers like Milton Friedman and John Nash, with recent winners focusing on inequality and poverty alleviation.
Past recipients of the prize have included renowned economists like Abhijit Banerjee, Esther Duflo, and Michael Kremer, who were recognized in 2019 for their contributions to fighting poverty. The dominance of U.S.-based academics in the economics field has been a recurring theme in the history of the Nobel Prize, mirroring similar trends in other scientific disciplines.
While U.S. researchers have traditionally featured prominently in Nobel laureates, the 2024 awards also showcased global collaboration, with recipients spanning different countries and disciplines. The impact of colonization on economic prosperity and the importance of strong institutions in driving sustainable development were key themes in this year’s economics prize, underscoring the ongoing relevance of historical legacies in shaping the contemporary Global Economy.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.