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Why Some Countries Are Poor and Others Rich

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By host - rafael-vega
The reason why some countries are rich and others poor depends on many things, including the quality of their institutions, the culture they have, the natural resources they find and what latitude they're on.
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I guess regulations are bad, when they create unnecessary monopolies.
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The original settlers of America overcame incredible obstacles and built the foundation for a rich country. Rich compared to, for example, Mexico. So why can't third world countries do the same?
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Collectives don't always limit incentives; this is assuming that human beings are 'rational actors who only act in their own self-interest' which is not the case most of the time even in a purely capitalist system; and especially when offered a strong alternative.
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No country is born rich. The western world did not get rich overnight. From the very early days they were like any other poor country. It is due to their intelligence, planning n fairness of governance that we see them as they are today. Everyone is given a chance!
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Quite a few of these puzzle pieces are debatable among economists, and while many of these are true in a transitioning industrial economy, in a post-industrialized economy, other institutions become much more important and regulation becomes essential at maintaining investments and creating healthy communities where people feel free to invest and be creative with their resources.
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Human capital is primarily what you're born with, hence the heritability of IQ.
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You don't need honest government you just need it to not interfere in the market mechanism.
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Of course, a country's wealth has never anything to do with its history of forceful appropriation of assets, and always a clear sign of the health of its institutional framework, and vice versa.
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Meanwhile, Chinese elites are leaving China due to higher social instabilities, lack of freedom, and the possibility of another cultural revolution.
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Some races just have higher IQ's and more creativity than other races.
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