How to Make a Rich Country Become a Poor Country in a Short Time
It’s pretty difficult to make a poor country rich. A lot of factors and energy need to be pooled together and getting a solid cooperation from political leaders and industries takes much time. But when it comes to making a rich country poor, there are several ways to do so and in such a short time. Three ways are to:
1. Outlaw foreign ownership or investment in key sectors of your economy.
Foreign investors are one of the most important providers of capital for a country’s local businesses. In fact, foreign investors provide a great amount of capital to fuel a country’s economy. When there is a large input of capital, business operations run more efficiently and more jobs become available; the result is a great output of products and money.
Even if foreign investors are allowed to own only a certain percentage of local businesses, the capital such investors provide is invaluable. But when foreign ownership and investment are made illegal in a country, the inflow of large capital is prevented. In addition, removing capital provision in key business sectors leads to a crippling of a country’s economy.
2. Allow the unchecked growth of monopolies.
A monopoly exists when one business or individual has enough control of services and products and can determine the extent to which consumers may access goods and services. A government checks on the growth of monopolies by introducing monopoly competitions. That way, consumers have more choices, and products and services will be improved.
But without monopoly competitions and without a government checking on a monopoly, an effect is a lack of innovation in services and products. In addition, a monopoly can decrease or increase prices whenever it wants to. If prices increase and many consumers lack jobs to support their needs, the result is consumers’ inability to purchase products and services. Plus, in the long run, a great amount of money in the economy will not flow.
3. Focus on personality politics or political dynasties instead of institutions, platforms, or ideas.
In personality politics or political dynasties, political leadership becomes similar to a celebrity arena. Leaders limitedly discuss ideas, principles and strategies to solve a country’s needs. Also, leaders often only work for political fame and corruption. So, to make a rich country fail to maintain its status, people must vote for popularity-headed leaders.
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