Re: How do developing countries end up escaping poverty?
It is certainly true that if abundant natural resources can be activated and if there is transparency in their management, then it certainly provides a great support to turn a Third World country into a developed country. In this case, if we also look at the Middle East, most of the Arab countries have transformed into developed countries only because of their natural resource oil.
However, I do not think that a third world country can be developed or sustained for a long time by being dependent only on natural resources. Because if natural resources are depleted over a period of time, then those countries that are dependent only on natural resources will face danger. In this case, human resources must be utilized. The people of the country must be educated in vocational education. People must not sit idle and at the same time, they must remain free from corruption.
However, I do not think that a third world country can be developed or sustained for a long time by being dependent only on natural resources. Because if natural resources are depleted over a period of time, then those countries that are dependent only on natural resources will face danger. In this case, human resources must be utilized. The people of the country must be educated in vocational education. People must not sit idle and at the same time, they must remain free from corruption.
As I explained previously (https://bitcointalk.org/index.php?topic=5552840.msg65661437#msg65661437), the core problem for developing countries in becoming developed nations lies not in natural resources, but in capital, technology, and skilled labor. One reason America became a developed country is because many European scientists migrated there, perceived as more open and adaptable to innovation. America proved victorious in World War II. Furthermore, developed countries became role models for development, leaving developing countries merely followers, not innovators.
Why China has been able to advance and even displace America's trade dominance? Because the Chinese regime under Xi Jingping dares to think outside the box. Beyond observing, copying, and duplicating, China is now also observing, copying, and modifying, even to the point of innovation. China has proven to outperform the United States and Japan in patent registrations.
The strategy of printing as many yuan as possible was to accelerate China's industrial modernization, absorb labor, and accommodate the creativity of China's youth. Anything that brought dollars into China at that time would be supported by the government. So China expanded its production scale using yuan and then distributed its products worldwide, bringing dollars into China. Not to mention China's strategy of infrastructure development in many developing and underdeveloped countries. All raw materials, equipment, and even skilled labor from China and underdeveloped and developing countries are simply left to chance. In reality, the recipient countries merely serve as markets for Chinese products. What China does is observe, imitate, and practice capitalist concepts.
China's greatest achievement is its dedollarization program and campaign.
https://www.visualcapitalist.com/cp/countries-new-patents/