Twenty or 30 years ago, the Nobel Peace Prize was considered to be among the most prestigious awards in the world. It helped make historic figures out of Martin Luther King Jr., Mother Teresa and Lech Walesa. But in the last 20 years, its prestige has lessened as its political correctness has hardened.

It went from an award that championed human rights to an award that honored dictators and terrorists (Mikhail Gorbachev, 1990, or Yasser Arafat, 1994). It even honored frauds — Rig ...

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