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In case you wonder about Guyana: they discovered a lot of oil in the 2010s.
And ESA’s rocket launch complex.
I guess that does employ a whole bunch of people, but idk if it’s enough to raise the gdp per capita significantly.
Edit: also wrong country, the ESA center is in French Guyana.
Guyana killing it.
The reward for that is that they have to fend is invasion from Venezuela.
Does 4-5x outpace inflation?
Per the map it’s “GDP purchasing power per capita” which sounds inflation adjusted.
Probably not, but I think it must be inflation adjusted.
Tf happened to Venezuela?
Mildly communist government fucked their economy. Corruption ate the state oil company from within.
And not even, like, smart communists. The kind that think printing more money to pay for stuff is no big deal.
You’re implying there’s smart communists to begin with
I mean, the USSR didn’t have hyperinflation until they were trying to redo the recipe at the end. “Money is real, and making more will help” is honestly a weird line of reasoning for people who hate “capitalism”.
Depending on how you define smart, sure, there’s been smart ones. At this point there’s an accumulation of evidence markets work better than the Soviet system of markets+random constant intervention, but that wasn’t always the case, and even now there’s people who are smart but have Ben Carson syndrome, and think because they’re good at their field they understand economics, and can quantify it’s limitations with no research.
By some people’s standards I’m a communist, too, since capitalism is poorly defined, and communism is often just defined as the opposite of it.
Vietnam is doing pretty well actually.
But MMT says I can (probably misrepresenting it severely, that’s what I’ve been given to understand by internet comments)
MMT says you can get away with spending slightly more than you take in. The logic is that if you can print it you’re not going to run out, per se, and a small amount of inflation is thought to be good anyway. I’m not qualified to comment on how correct that is, but it’s true most countries accumulate debt over time, and nobody in finance cares until it’s multiple times the annual GDP.
If you’re straight up pretending that making more money gives you more stuff, your green paper is just going to lose the fight with reality. Places like Venezuala or Zimbabwe, instead of taking the hint early on, double down, and that’s how you get 100 trillion dollar bills after a while.
Dictator
Brutal US sanctions cut them off from global trade. An over-reliance on oil meant their economy crashed along with oil prices. A seemingly high level of corruption in government. Multiple coup attempts by foreign actors.
I wonder what is driving Chile and Argentinas growth?
A bit surprise about Argentina since I heard they had problems with the economy for a long time. And well Chile as well since in many aspects it is a poor country, with big inequalities.
China is a big trade partner with Chile. I would assume Argentina or most South American countries too. Chile has a bunch of shipping ports and China has ships with crap it wants to sell.
How could Venezula start out as the strongest, keep the exact value and end up being in last place?
Dictator
Is adjusted for inflation?
