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This year's Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson and James A. Robinson for discoveries that are changing our perspective on economic development. Institutions - social, political and economic - are key to the success of nations. Why have some countries, like Poland, managed to overcome a difficult history and transform themselves, while others, like Argentina, once rich, still struggle with high levels of poverty? Africa, the poorest continent in the world, where extreme poverty reaches 35.5%, shows the devastating impact that weak institutions can have. During the lecture, we will discover how institutions can drive innovation, growth and prosperity, and what blocks development. We will look at how these mechanisms operate around the world, but also in Poland and Central and Eastern Europe. Dr Piotr Arak is an assistant professor at the Faculty of Economic Sciences at the University of Warsaw. Chief economist of VeloBank. Support the Copernicus channel: / @copernicuscenter https://patronite.pl/copernicus