Three Major Factors Affecting A Country's Wealth

Satisfactory Essays
Why do some countries prosper while others stagnate? Why does almost half the world live on $2.50 a day? Why are most of the world’s nations living in poverty? In our modern world, the three main factors that determine a country’s wealth are institution, culture and geography. Rich countries have very good institutions while poor countries have extremely devastating ones. This is due to the fact that there is a direct correlation between poverty and corruption. Studies prove that the wealthiest countries in the world are invariably the least corrupt ones and the poorest countries are the most corrupt. There are often political factors based behind this and one of them is a bad government. Governments need to do many things in order to encourage development. One of…show more content…
One generalisation someone can make about poverty and culture it’s that the less people believe the higher their chances of being rich are. Studies show that 19 of the richest countries in the world have 70% of their population considering that religion is not important to them. Conversely, the poorest nations in the world are extremely believing ones with over 96% of the population supporting religious beliefs. So, why is culture such a determining factor for a country’s poverty? First of all, religiosity is often related to the fact that the current conditions of this world cannot be improved so people should become spiritual and look forward to the next world. In the rich world however, people are usually believers in work ethic and talent and that is why these countries are developing much faster than others. On the other hand, USA is an anomaly because its population consists of 70% religious people but is one of the wealthiest and most developed countries in the world with a GDP of $17 million/year. The God that Americans believe in doesn’t want the country to prosper in the other world, but in this world right
Get Access