The Anatomy of a Failed Economy
Economic success for countries depends on good governance, a strong business culture, and smart financial choices, rather than just geography or natural resources. While there is no perfect guide to guarantee prosperity, understanding what causes economic failure is becoming clearer. Failed states often have weak institutions, corruption, and a lack of rule of law, making them vulnerable to disasters and conflicts. Countries like South Korea show that even with challenging beginnings, focusing on education, open markets, and protecting property rights can lead to significant economic growth. Ultimately, inclusive political processes, ethical wealth accumulation, and widespread education are key to a stable and prosperous nation.
Key Vocabulary
Within a particular country, as opposed to internationally or abroad.
Examples:
- The company focused on expanding its sales domestically before considering international markets.
- New policies were introduced to boost job creation domestically.
- The artist's work was well-known domestically, but less so overseas.
Relating to the study of humanity, including cultures, societies, and their development.
Examples:
- Her research involved an anthropological study of ancient tribal rituals.
- The museum exhibit offered an anthropological perspective on human migration patterns.
- He pursued an anthropological career, focusing on the social structures of indigenous communities.
A large, thick-skinned, plant-eating mammal, Hippopotamus amphibius, native to African rivers and lakes.
Examples:
- A hippo can hold its breath for several minutes underwater.
- The safari tour guide pointed out a group of hippos basking in the river.
- Despite their bulky appearance, hippos can run surprisingly fast on land.
Having the characteristics of an entrepreneur; willing to take risks in order to start and manage a business or venture.
Examples:
- Her entrepreneurial spirit led her to launch several successful startups.
- The city offers various programs to support entrepreneurial endeavors.
- He has a highly entrepreneurial mindset, always looking for new opportunities.
To persuade someone to act in one's favor, typically illegally or unethically, by giving them money or other valuable things.
Examples:
- The politician was accused of attempting to bribe officials for a favorable vote.
- It is illegal to bribe a public servant to gain an unfair advantage.
- They tried to bribe the security guard to let them into the restricted area.
Something that is placed in a time period to which it does not belong; a thing belonging or appropriate to a period other than that in which it exists, especially a thing that is conspicuously old-fashioned.
Examples:
- A knight in shining armor using a smartphone would be a clear anachronism.
- The typewriter on the modern office desk seemed like an anachronism.
- Wearing a powdered wig in contemporary society would be considered an anachronism.
Not securely held or in position; dangerously likely to fall or collapse; also, dependent on chance circumstances or unknown conditions.
Examples:
- The climber found himself in a precarious position on the narrow ledge.
- Their financial situation became precarious after the unexpected job loss.
- The old bridge looked precarious, swaying slightly in the wind.
Carefully chosen by someone for a specific purpose or position.
Examples:
- The director handpicked a small team of experts for the secret project.
- Only the most talented athletes were handpicked for the national squad.
- She felt honored to be handpicked for such a prestigious award.
A person who is honored with an award for outstanding creative or intellectual achievement.
Examples:
- The Nobel laureate delivered a groundbreaking speech on his scientific discoveries.
- She became a poet laureate, recognized for her significant contributions to literature.
- The university invited the esteemed laureate to give a series of lectures.
Not morally correct or acceptable; involving principles of right and wrong behavior that are not adhered to.
Examples:
- Sharing confidential client information would be highly unethical.
- The company faced criticism for its unethical business practices.
- It is unethical to take credit for someone else's work.
An area where a battle is fought; also, a place or situation of intense dispute or conflict.
Examples:
- The city became a battleground during the civil unrest.
- The upcoming election is expected to be a major battleground for both political parties.
- The courtroom transformed into a tense battleground as lawyers presented their arguments.
To exist together or at the same time, often in peace or harmony, despite differences.
Examples:
- Different species of animals can coexist peacefully in the same habitat.
- The challenge is to find a way for traditional values and modern ideas to coexist.
- In a diverse society, people of various backgrounds must learn to coexist.
Dealing with something badly or improperly.
Examples:
- The mishandling of sensitive data led to a major security breach.
- The project suffered due to repeated mishandling by the previous management.
- The report detailed the mishandling of funds within the organization.
Serving as a warning.
Examples:
- The story served as a cautionary tale about the dangers of unchecked ambition.
- Parents often share cautionary advice with their children about interacting with strangers.
- The collapsed building stood as a cautionary reminder of the importance of proper construction.
Made accessible to everyone, or made something democratic in nature.
Examples:
- Technology has democratised access to information, making it available to a wider audience.
- The artist's goal was to democratise art, making it affordable for all.
- The new software democratised complex data analysis, allowing more people to use it.
Made or caused by human beings rather than occurring naturally.
Examples:
- The vast reservoir was a manmade lake, created for irrigation.
- Pollution is a significant manmade threat to the environment.
- The ancient canal was a remarkable manmade engineering feat.
Showing a lack of experience, wisdom, or judgment; innocent and unsophisticated.
Examples:
- It would be naive to assume that success comes without hard work.
- She was too naive to understand the complexities of the political situation.
- His naive optimism sometimes led him to overlook potential problems.
A proverb or short statement expressing a general truth.
Examples:
- The old adage 'actions speak louder than words' still holds true.
- My grandmother often quoted a wise adage about patience.
- The adage 'haste makes waste' reminds us to be careful.
No longer able to be recognized or identified.
Examples:
- After years of neglect, the old house was almost unrecognisable.
- The city had changed so much that it was unrecognisable to its former residents.
- Her appearance was unrecognisable after the dramatic makeover.
Having a tendency or preference for something; disposed to a certain action or attitude.
Examples:
- He was inclined to accept the job offer, despite the long commute.
- She's always been inclined to help others in need.
- I'm inclined to agree with your assessment of the situation.