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History may be repeating itself. Until the mid-20th century, many European countries grew rich on the resources of their colonies.

This is true, if by "history" you mean "Something about the past that lots of people believe, but is wrong."




Would you care to elaborate?


Though it makes for a nice good vs. evil story, the idea that big bad European nations got rich by exploiting resource-rich colonies has little basis in fact. If I recall my high-school European history right, historians are divided on whether colonies were even a net economic positive. In any case, wealth comes from productive capacity (the ability to produce things people want), and raw materials are only one (relatively minor) aspect of production.

The wealthiest nations are typically those that have expertise at turning raw materials into other things; in fact, historically many of the wealthiest nations (such as the Netherlands, Great Britain, and Japan) have been relatively resource-poor. European countries got rich the old-fashioned way, through technological innovation, trade, and a division-of-labor society based on private property rights.




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