Last year, James Robinson, a professor at the University of Chicago, won the Nobel Prize in Economic Sciences and pointed to inclusive economic systems and the family-centered corporate culture unique to East Asia as the keys to Korea's economic growth. He also positively assessed former President Park Chung-hee's obsession with economic development.
James Robinson, the Harold James professor at the Harris School of Public Policy at the University of Chicago, said this during a special session titled "A conversation with Professor James Robinson" at the 'World Economists Conference' held at COEX in Gangnam, Seoul, on the 19th. The session was conducted in a dialogue format with Nathan Nunn, a professor of economics at the University of British Columbia in Canada.
He noted, "North Korea has established a typical exploitative political and economic system, while South Korea has developed a much more inclusive system," adding, "In particular, land reform and the expansion of education played significant roles." The Rhee Syng-man administration's land reform, which involved the confiscation and redistribution of land from Japanese landlords, expanded social mobility and laid the foundation for opportunities.
He also remarked, "It was fortunate to encounter a figure like President Park Chung-hee, who was obsessed with economic development," and pointed out that, "Following the transition from military dictatorship to democratization, economic growth accelerated." In this context, he emphasized, "It is very difficult to explain how leaders are chosen under specific systems in social science theory," expressing that, "The Korean people were fortunate to choose someone who was obsessed with economic development."
He offered a positive interpretation of conglomerates, explaining, "The economic theory that family-owned corporations always have low productivity does not hold in South Korea, where family, corporations, government, and society intertwine to create a kind of logic that makes conglomerates function effectively in Korea." He added, "Industrial policy results can vary greatly depending on the cultural foundation."
Professor Robinson identified Nigeria as a country poised for significant development. He stated, "If I had to choose a country with the potential to grow by 10% annually over the next decade, it would be Nigeria," adding that, "By 2050, Nigeria will be among the three most populous countries in the world, and by 2100, 40% of the world's population will be African."
Professor Robinson shared the Nobel Prize in Economic Sciences last year with Daron Acemoglu, a professor of economics at the Massachusetts Institute of Technology (MIT), and Simon Johnson, a professor at the MIT Sloan School of Management. He has explored the relationship between economics and politics through historical examples, providing insights into issues of national development and inequality. His notable works include 'Why Nations Fail,' co-authored with Professor Acemoglu.