A place that has experienced capital flight for decades, operates as a corrupt command economy, and whose own most productive farmers are now sitting across their border, selling their crops back into it?
Do you want me to explain how Angola could be the most expensive place in the world? Because it basically amounts to the same thing.
Administration change; anti-colonial sentiments.
Some nations, like Botswana, embraced Cosmopolitanism left to them by the West, and reaped the benefits. Others aligned themselves with the Soviets, and got resources that way; so long as the USSR was still kicking.
Somalia was once the greatest military power on the continent for this reason. Have any idea how that stopped?
How did the ATM create more jobs for bank tellers?
There’s more tellers working now, than when the ATM was introduced.
That’s because tellers today do certain different tasks, while the more repetitive tasks were largely automated.
The increased efficiency of the service allowed banks to build more branches. Expanding services, and expanding the number of tellers they needed to man those branches, even as total staffing requirements per branch shrunk.
These are jobs that didn’t exist 15 years ago:
Social media managers
YouTube content creators
We’ve also seen large expansions in wholesale trade (not just retail), and business services; advertising, computer services, temp agencies, building cleaning, building security, not to mention anything to do with Apps or Big Data.
The problem you are having, is that you assign too much importance to the one ubiquitous job, which has been replaced by quantity of job types.
This trend has always been with us; 93% of Americans were farmers in the 18th century, only ~44% at their peak were factory workers a century later, and the ubiquitous white collar job was half of that in the 20th century.
Job types meanwhile went from about a few 100, to a few 100,000.
Yell about farm equipment operators all you like; that’s nothing compared to the men who had to stand in a long straight line, side by side, day after day, to harvest wheat by hand & sickle.
Finding all those men jobs, was a far worse adjustment than what we have today. Same to all the craftsmen put out of work by mass production.
Cwolf? What you’re giving me, is warmed over Futurist-arguments. Economists don’t agree with the argument, and not just the Austrians; all of the schools; Classical, Keynesian, Monetarist, etc… What I’m giving you is the consensus here. A consensus that formed, because history tells of us overcoming worse adjustments.