Why are so many countries in the world “developing” and poor, while essentially only Western countries have a high standard of living?

labbbb@thelemmy.club · 10 months ago

Why are so many countries in the world “developing” and poor, while essentially only Western countries have a high standard of living?

Zippy@lemmy.world · 10 months ago

Mostly corruption and stability doesn’t allow for business to develop along with the wealth that brings.

There are other factors but mainly you need good governance and free markets to allow for wealth creation. It at least that is the only model that has worked so far.