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South Korea’s rise from post-war devastation to one of the world’s most advanced economies is often called an economic miracle. With global giants like Samsung and Hyundai leading its industrial growth, the country has built a reputation for innovation and resilience. This success stems from rapid economic liberalization, the pivotal role of chaebols, and strategic support from global allies. However, political turbulence and overreliance on mega-corporations now raise questions about the sustainability of its "miracle on the Han River" in a changing global landscape.
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Iceland faced one of the worst economic collapses during the 2008 financial crisis, losing nearly half its economic output and teetering on the edge of becoming a failed state. Yet, through bold decisions, unique energy resources, and sheer resilience, this tiny nation turned its fortunes around to become a global leader in sustainability and economic recovery. But is Iceland’s success a replicable model or a case of perfect circumstances? Watch to uncover the fascinating story of a nation that defied all odds.
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The United States is the largest oil producer in the world, yet it remains one of the biggest oil importers. Explore why the USA imports oil despite record-breaking production, what this means for energy security, and how long this oil boom can last.
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Nigeria was once predicted to be the fastest-growing economy in the world, but it has faced serious challenges since 2014. In this video, we explore how Nigeria grew with oil wealth and urbanization and what led to its struggles with corruption, instability, and missed chances. Learn how its resources, regional differences, and global reputation have shaped its journey. Can Nigeria overcome these issues and become Africa’s top economy again? Watch to find out.
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Explore the surprising story of Chile’s rise to economic prosperity in South America. From its early days of political infighting to the influence of the “Chicago Boys,” discover how Chile became one of the region's wealthiest nations. We’ll dive into its reliance on copper exports, the impact of inequality, and the unique challenges it faces today. Can Chile continue its growth while addressing the demands of its people and balancing global interests? Join us for a deep look into Chile’s complex journey and discover where it stands on the Economics Explained Leaderboard.
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Why do some nations flourish while others remain trapped in poverty? This year’s Nobel Prize in Economics goes to three economists whose groundbreaking work explores this question. Join us as we dive into the theories and insights of Daron Acemoglu, Simon Johnson, and James A. Robinson, who have helped shape policy across the globe with their research on economic growth and inequality.
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Overpopulation has been our biggest fear for decades, but now, shrinking populations are the real crisis. From aging societies to dwindling birth rates, countries worldwide are grappling with the risks of a declining population and struggling with radical measures to reverse it. In this video, we uncover why this shift could redefine our future, and why simply paying people to have more kids may lead to unexpected, even dangerous consequences. Dive into the surprising story behind the global population plunge and its impact on all of us.
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Washington D.C. is home to the world's largest and most powerful economy. Still, most people don’t realize that this federal district is also one of the most complex and productive local economies globally.
In this video, we dive deep into the fascinating economics of Washington D.C.. How its strange status fuels a massive local economy, and why calls for it to become a state are intensifying. How its wealth paradoxically creates some of the worst inequality in the U.S. We’ll also explore how the unique structure of D.C. skews its economic measurements and what would happen if it gained independence as a state.
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2024 is set to be the biggest election year ever, with nearly half the world's population heading to the polls! While democracy is generally a good thing, elections can create turmoil in economies, adding uncertainty to everything from trade to taxes. In this video, we dive into how elections can disrupt national economies, the real costs of political uncertainty, and whether we can minimize these economic disturbances for smoother transitions of power.
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Once a powerhouse of the ancient world, Egypt today faces a range of internal and external challenges that are holding it back from becoming a major global economic force. With its prime location between Europe, Africa, and the Middle East, and control of the critical Suez Canal, Egypt has all the ingredients to be a top 10 global economy—but what’s standing in the way?
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Switzerland is often seen as an economic powerhouse with immense wealth, luxury exports, and a prestigious financial sector. But what’s behind its global reputation? In this video, we explore how Switzerland developed its world-leading industries and whether this success benefits the average Swiss citizen. We also look at potential challenges to its economic dominance and what happens when a country’s reputation becomes a double-edged sword.
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For decades, China was the go-to for low-cost manufacturing, but now it's a global leader in advanced industries. How did China leapfrog the competition, and what does this mean for the global economy? We explore the rapid rise of Chinese industry and its implications for the future.
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Exploring the incredible transformation of the Persian Gulf from a collection of small fishing villages to the global epicenter of oil-fueled opulence. Cities like Dubai, Abu Dhabi, and Riyadh have risen from the sands with grand visions of becoming world-class business and tourist destinations. But is this meteoric rise sustainable, or just a facade built on dwindling oil reserves? We delve into the ambitious projects, the looming challenges, and the critical question of what happens when the oil runs out. Will these cities thrive in a post-oil world, or are they destined to become relics of a forgotten boom?
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Thailand has faced decades of political turmoil, but its economy has continued to grow, defying the odds. Strategically located and driven by strong industries, Thailand has managed to navigate through coups and crises. However, with ongoing challenges, can Thailand continue its upward trajectory and secure its place as a leading economy in Southeast Asia?
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Venezuela, a nation blessed with the largest oil reserves in the world, has shockingly transformed from potential powerhouse to economic disaster. In this video, we dive into the mismanagement that led to a collapse so severe that international agencies stopped tracking it. Explore how internal failures and external pressures pushed this once-promising country to the brink, and whether there's any chance left for a recovery.
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In 2006, Spain's economy was booming, experiencing unparalleled growth since the turn of the millennium. With per capita output more than doubling in just six years, some economists predicted that Spain could surpass Germany in per capita income within five years, positioning itself as a central power in Europe.
The real estate sector thrived, with agents becoming local celebrities and tradespeople in high demand. However, this growth was unsustainable. The global financial crisis (GFC) and the Eurozone crisis ended the debt-fueled expansion abruptly. Nearly two decades later, Spain's economy remains weaker than in 2007. High unemployment, stagnated economic activity, and persistent debt struggles paint a grim picture.
Spain's story serves as a cautionary tale. This raises critical questions: What fueled Spain's rapid economic growth? What led to its dramatic downfall? Why has the recovery been so slow?
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2016 was supposed to mark Brazil's rise as an economic superpower. The country saw rapid growth in industries, surpassing India and Italy, and nearing France and the UK in economic output. Improvements in healthcare, education, and political stability painted a promising picture.
But by 2016, the dream was shattered. The Rio Olympics, intended to showcase Brazil's success, became a global embarrassment. Delayed construction, waste-filled arenas, and the event's high costs bankrupted the city, leading to strikes by unpaid public servants. Instead of highlighting achievements, the Olympics exposed Brazil's challenges.
Since its peak, Brazil's GDP has nearly halved, erasing progress made in the 2000s. Corruption scandals and political instability further hinder its recovery.
This video explores how Brazil became a fast-growing economy, why it collapsed, and if it can reclaim its former success. Could Brazil rise again?
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For decades, hosting the Olympics has been seen as a prestigious opportunity to showcase a nation's success. However, history shows that these events often coincide with economic challenges. Russia hosted the 2014 Winter Olympics, facing economic decline shortly after. Brazil's economy stagnated following the 2016 Rio Olympics, and China's growth slowed during the 2022 Winter Olympics. With France facing economic tensions ahead of its upcoming Olympics and Australia slated to host in 2032, it's worth questioning whether these prestigious events are predictors of economic downturns. Could there be a connection, and are these multi-billion dollar projects worth the risk?
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Hawaii, the last state to join the USA, is renowned not just for its pivotal role in military operations and its allure as a top tourist destination, but also for its significant economic contributions on a global scale. Despite its modest size and remote location, the Hawaiian Islands boast an economic output that rivals entire countries like Bulgaria and Ecuador. This video delves into how Hawaii has carved out this economic niche, presenting a unique case study that challenges conventional measures of prosperity.
While for many, Hawaii represents the perfect surfing getaway or a strategic naval base, the reality for its residents is a daily life marked by unique economic challenges. The state grapples with some of the highest living costs in the world, lacking the high-paying jobs that usually justify such expenses. From costly day-to-day necessities influenced by its isolation and tourist appeal, to critical lapses in economic policy, this video examines the underlying issues that could be improved almost immediately—if there was a political will to address them.
Is it really just the price of living in paradise? This video questions whether these economic challenges can be managed without giving the state an unfair advantage and explores the potential consequences of neglecting these issues. How does Hawaii compare to other states and global economies when it comes to addressing these pressing concerns?
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In this video, we explore the dramatic changes in Portugal's economy driven by the influx of digital nomads. Discover how warm sandy beaches, vibrant culture, excellent internet speeds, and affordable living costs have transformed Portugal into a top destination for remote workers from high-income countries. We delve into the benefits, like increased spending on local goods and services and investment in businesses, particularly in Lisbon, where cafes, coworking spaces, and the tourism sector thrive.
However, this boom isn't without its downsides. Rising housing prices and rent due to the demand from digital nomads are creating challenges for local residents. We examine the complex balance Portugal faces between economic growth and local affordability.
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