A fascinating video explaining how South Africa has failed over the last 20 years thanks to grift and corruption to slowly walk back from a first world economy mostly benefiting the white population to a 3rd world economy equally pulling back on almost everybody.
We take economic growth for granted and the willingness of most political system to succeed economically as an axiom. South Africa proves this is not the case. The economic miracles of Europe first, North America later and finally Asia were truly miracles, getting almost everything right to generate growth consistently over decades. On other continents, under different climes, the landscape is more patchy. If your wealth ends up mostly in Dubai or on the bank accounts of a few individuals, then growth becomes meaningless and investment impossible.
As the energy crisis deepens in the months ahead, we will quickly see who was swimming naked and who failed to prepare for the future. Mismanaged countries who were surviving during the good times, will flounder during the storm. Energy, fertilizers and raw materials, food, water... The waves will get higher and our ability to cope weaker. The last 25 years were the end of the last century. We are now entering the new one.
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