MIT economist says democracy strengthens South Korea’s economy

Daron Acemoglu, an economics professor at the Massachusetts Institute of Technology and winner of the 2024 Nobel Prize in Economics for his research on global inequality, cited South Korea as an example of how democracy can boost economic growth.

Speaking to reporters on Jan. 4 in Philadelphia at the American Economic Association meeting, Acemoglu highlighted South Korea’s democratization and economic development. “The performance of the Korean economy improved significantly after the transition from military rule to democracy," he said. "Not only did per capita gross domestic product rise, but other indicators such as infant mortality and education also improved.”

Acemoglu particularly praised South Korea’s handling of political conflicts during the period of martial law. “Recent events in South Korea actually demonstrated a strong desire for democracy. It was very encouraging that members of Korean society took concrete action to defend democratic values,” he said.

He offered a more critical view of democracy in the United States. “Recent indicators show that democracy in the U.S. is deteriorating, affecting not only domestic policy but also foreign policy,” Acemoglu said. "Recent U.S. growth has relied heavily on investment in artificial intelligence, making it difficult to consider that growth fully sustainable.


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