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Middle-Income Trap And The Curse Of Abundant Natural Resources

In: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed

Author

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  • Donghyun Park

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…

Suggested Citation

  • Donghyun Park, 2019. "Middle-Income Trap And The Curse Of Abundant Natural Resources," World Scientific Book Chapters, in: Capitalism in the 21st Century Why Global Capitalism Is Broken and How It Can Be Fixed, chapter 46, pages 202-207, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789813274242_0046
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    More about this item

    Keywords

    Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • N2 - Economic History - - Financial Markets and Institutions
    • A1 - General Economics and Teaching - - General Economics
    • F00 - International Economics - - General - - - General

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