Tawni Ferrarini, Sam M. Cohodas Professor of Economics at NMU, co-authored an article published by the Foreign Policy Research Institute titled "Why Do Some Nations Prosper? The Case of North and South Korea." Both started out as poor nations after WWII. South Korea has benefitted from a democratic government and market economy to achieve the same wealth as Western European nations, on average. North Korea remains at the bottom of the world’s development ladder, with its citizens “doomed to a life of poverty, uncertain personal security and isolation from most of the world.” Ferrarini and co-author Lucien Ellington of the University of Tennessee at Chattanooga suggest that institutions matter, especially those that facilitate economic growth for any nations. Read the article here.
Ferrarini Article Addresses North, South Korea Economic Disparity