From the course: The Undercover Economist: The Economics behind Everyday Decisions (Blinkist Summary)
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Restraints on economic development
From the course: The Undercover Economist: The Economics behind Everyday Decisions (Blinkist Summary)
Restraints on economic development
- [Narrator] Blink number six: malfunctioning institutions and corruption restrain economic development. One of the most heavily discussed economic questions is why some countries are poor and others manage to develop and thrive. Is it because of their access to resources? Because of the markets they choose to enter? Not quite. One of the strongest reasons for poverty is simply having the wrong kind of government. Lack of democratic control and response to constituent demand is economically unhealthy. Often, an authoritarian leader's primary goal is to seek personal fortune, even at the expense of the people. In these cases, money that comes into the country is invested neither in infrastructure nor the constituents, thus causing the economy to flounder. Cameroon, for example, is one of the poorest and most corrupt countries in the world, governed by authoritarian leader Biya, who is interested mainly in…
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