I wish I knew! They need to expand their economies by producing more locally instead of importing, but that's much easier said than done
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You can see how they ended up stagnant by looking at what they DID produce locally, though--resource-oriented economies very vulnerable
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If you have a resource in demand, there's little incentive to develop your native productive capacities--you can just export the resource...
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...and use the earnings to buy whatever you need. This is all well and good until your buyers find other places to get the resources from...
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...or stop needing that particular resource entirely because of some technological breakthrough. When that happens...
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...you still need to import everything you used to, but you no longer have any way of paying for it. In a first world country this means...
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...you relyi heavily on welfare & other transfer payments; in a poorer country it means starve, flee, or figure out how to make more locally
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The problem with transfer payments is it means your local productive capacity continues to go undeveloped, so you need more every year
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How do you get out of this bind? How do you kickstart an atrophying economy? Unfortunately lots of people promise an answer here...
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...but the stagnant regions of the first world continue to be let down by the results.
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