I watched some other videos, discussing why Philippines remains a poor nation, relative to it neighbours. Going back decades.
There was a tendency to say the peso devalues constantly, and corruption, that this corruption part was total bs I thought.
That is what I always complain about, economics is not a morality story, that the reason why the nation stays poor is due to morality, ie corruption. That is bogus.
This is my guess why a nation in the global south stays poor.
1. Currency devalues, because automatically you're poorer.
2. Lack of knowledge or skills.
3. Lack of investment. Probably due to lack of the right people to hire.
4. People are second class citizens, who by definition get the short end of the stick, which makes them poor.
5. Second class citizens who are also exploited. Haha! Not funny but it is.
The video posted, Professor Hudson actually touches upon all the above, but not directly.
Development of industrial capitalism, we need certain conditions, but that could be in conflict to weathier nations in the West, so they regime change some hapless country to retain a rentier control over their economy. Often in cahoots with a compadre class.
Industrial capitalism allowed countries to increase their wage rate, thereby increasing the general welfare of the people. In essence, higher wages usually mean more productivity, which is good for the economy.
Blah blah blah, but you get some of the picture. Prof Hudson does not use the word exploitation, but he talks about it, the nuts and bolts.
