Quote from: drlukacs on December 18, 2019, 04:40:02 AM

Quote from: leftgirly on September 12, 2019, 08:21:35 PM

The world economy keeps crashing with many incidence of inflation. What is happening at the moment is a clear indication of a world that has failed the minority. Although the underdeveloped countries could partly be blamed for the high inflation that exists in their respective economies. Would things turn around for good if underdeveloped countries start to add value to their natural resources themselves without selling to the countries with good economy?

no, it's called selfishness and selfishness only brings bad things to them. an economy without trade leads to poverty in that country. If a country is self-sufficient, then how can it grow when it is only made and eaten? when they have a surplus on a product, what do they do with it when there is no trade with foreign countries? they will certainly continue to be poor. So for poor countries, they also have to learn a lot about the rich countries' culture and continually improve production to make the country more developed.

Trades is indeed necesssary for a country to grow but a country also need to make a higher valued product out of their raw materials and not just selling it off to foreign country. Most of the underdeveloped country always failed in this respective field and most of the exports are from private sector owned by foreign investors. A country can't grow without trade but will always stay poor if what they capable off is just selling things they have even worst if it's unrenewable resources.