All in Economics

Why is Latin America Poorer than the United States?

It is hard to believe how much richer the United States is than Latin America. Each year, the US economy generates more than three times as much wealth as the twenty countries of Latin America combined. Before Columbus arrived in 1492, the largest, wealthiest, and most technologically advanced societies were in South America and modern-day Mexico. What changed? Why are garages in the US larger than many homes in Latin America?

Why is Africa Poor?

75% of the world’s poorest countries are in Africa. More than 25% of Africans are malnourished. 30% lack access to clean water. In 2016, Africa’s GDP per person was $1,809—barely 10% of the world average.

Why is Africa so poor?

Why is South Korea So Rich?

The competition for Korea’s most famous cultural export is now closed. With more than 3 billion views, Gangnam Style has done more to put South Korea on the map than anything else. The video portrays South Korea as confident, stylish, and prosperous—and that’s accurate.

What’s remarkable is how quickly South Korea became one of the most advanced economies in the world. In 1960, the average South Korean was poorer than the average person in Senegal, Honduras, or the Philippines. Today, they are more than ten times richer. How did that happen?

How Did Sweden Get its Welfare System?

If you believe that governments should look after their people, you’ll love Sweden. Sweden’s welfare system—the benefits the state gives to its citizens—may be the best in the world. Swedes live longer than people from almost every other country and they are happier, too. Part of the reason is their solid social safety net. How did Sweden get it?