MIDDLE-INCOME TRAP AND THE CURSE OF ABUNDANT NATURAL RESOURCES

Donghyun Park

Chapter 46 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 202-207 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The lack of visionary leadership at the top explains why many of the world’s poorest countries never make it to even first base. A never-ending succession of corrupt, ineffective, and morally bankrupt presidents and prime ministers whose sole interest is to plunder their countries and fatten their Swiss bank accounts explains why those countries, especially in Africa but also elsewhere, never leave the batter’s box. By the way, the disturbing tendency of many third-rate leaders of poor countries to hang on to power — e.g. Robert Mugabe of Zimbabwe, widely credited with turning one of Africa’s most promising countries into one of its worst basket cases — is most definitely not motivated by any noble desire to serve the citizens of their countries. Instead, it is motivated by the selfish desire to plunder their countries for as long as possible. If you ask any Zimbabwean or the citizen of any similarly wretched country about whether public service is the main motive for their leaders’ longevity in office, you will be laughed off…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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