The Lessons of Nauru
The Pacific island of Nauru is among the most unknown countries in the world. This is hardly surprising – it is the fourth-smallest territory in the world (ahead of only Tokelau, Gibraltar, Monaco, and the Vatican), and there are fewer ethnic Nauruans than there are Oxford undergraduates. But, for a time, Nauru had the highest GDP per capita in the world, and the slow decline from the financial orgy of the 1970s and 80s to its current state as a virtual province of Australia contains some fairly frightful omens for the future of other such rentier states. Nauru is (or … Continue reading The Lessons of Nauru