“ One of these fine days….”
I don’t believe that is true. Once a place goes third world, it has little chance of reversing course.
“Once a place goes third world, it has little chance of reversing course.”
Agreed—this merits further discussion.
Third world countries have no true rule of law (regardless of what their Constitution or written law says).
That means that property rights cannot be defended against criminal elements, whether low level criminals or government protected plutocrats.
Average folks then have no choice but to hide any wealth or assets. Traditional investment in long range ventures is not possible.
In such countries people just give up on the political process. There is nothing to preserve and nothing to defend.