In the wonderful book The Birth of Plenty, WJ Bernstein spells out quite convincingly how prosperity is created. This is what the wealthy countries have in common.
- Property rights.
- Education and research.
- Capital markets.
- Communication and transportation.
The Arab world, in its search for "democracy", should carefully think how to implement this short list of ideas.
I would like to add a fifth one: a large number of power groups. Concentration of power in the hands of few power groups leads to stagnation because it does not give an incentive to grow the national economic pie.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked second best gold timer by Timer Digest
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