this post was submitted on 11 Feb 2024
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A Boring Dystopia
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Economics Explained has a great video analyzing this topic. The tl;dw is that the nation mishandled its discovery of a profitable natural resource. The nation went from everyone having a variety of jobs to everyone being a miner. They had to start importing food since all their farmers became miners. Unsurprisingly, when they got to the bottom of the mine, the only industry that was producing anything in the country died along with their economy.
While it sucks, if the country followed better economic practices they wouldn't be in the situation they're in now. They obviously need help and shouldn't be blamed for this, but it should be used as an example of poor economic planning.
The first I heard of the island was on This American Life: The Middle of Nowhere , in 2015. Always stuck with me after that, It's such a bizarre and haunting story.