How Rich Countries Got Rich . . . And Why Poor Countries Stay Poor

I have just finished reading How Rich Countries Got Rich . . . And Why Poor Countries Stay Poor by Erik Reinert. The book is interesting for it engages what should be the main question of economics, why are some countries rich and other countries poor? This crucial question is woefully under researched and barely discussed in mainstream economics. I have completed two years of economics study in university without yet having heard an explanation for this phenomenon. Reinert’s main argument is that the wealth of a nation is based upon the economic activities it specialises in. Poor countries are poor because they specialise in agriculture and the production of raw materials. This is an economic dead end as it … Continue reading “How Rich Countries Got Rich . . . And Why Poor Countries Stay Poor”

July 1, 2012BooksBook, Books, Comparative Advantage, Development, Economic Theory, Economics, Economy, Free Trade, History, poverty, Protectionism, Review, Wealth Leave a comment