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In 1872, Australia was the richest country in the world in terms of GDP per capita, i.e. richer than Switzerland, the United States or even its colonizer the United Kingdom. Although it lost the first place years later, it is still one of the richest countries in the world today. In 1964, a book entitled The Lucky Country was published. One of the most famous ideas of the book says that Australia's wealth has not been generated by hard work, ingenuity or because it has excellent leaders; rather it is a lucky country where everyone benefits from it. This is obviously a controversial and debatable idea, but he is basically right.
What is the origin of Australia's wealth?
How did it avoid the natural resource curse?
Why do some say the Australian economy is going to stop growing in the next few years?
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Music:
Whatdafunk by Audionautix is licensed Creative Commons Attribution license (creativecommons.org/licenses/...)
Artist: audionautix.com/
#economíaydesarrollo #Australia