The world after GDP
Politics, business and society in the post-growth era
Bibliographic Data
| ID | 9896098 |
|---|---|
| Authors | Edoardo Campanella (IE University, corresponding author) |
| Year | 2018 |
| Volume | 94 |
| Issue | 1 |
| Pages | 201-202 |
| Publication date | 2018-01-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | International Affairs (JOURNAL) |
| Journal identifiers | ISSN: 0020-5850 • E-ISSN: 1468-2346 |
| Publisher | Oxford University Press (PUBLISHER • GB) |
| DOI | 10.1093/ia/iix274 |
| OpenAlex | W2781932763 |
| Language | EN |
| Citations received | 10 |
Nauru is a tiny island in Micronesia, the smallest nation in the Pacific and the third-smallest state in the world after the Vatican and Monaco. A remote colonial outpost for centuries, Nauru rose to global prominence in the 1970s when, all of a sudden, it recorded the highest GDP per capita in the world. A mass exploitation of its extensive reserves of phosphate, which is a key ingredient for the industrial production of fertilizers, triggered this unexpected economic boom. But the overexploitation of the mines quickly led to land degradation, altered the local ecosystem and condemned the island to extreme weather patterns and constant drought. The persistent impoverishment of the island has now pushed Nauru to the bottom of the global ranking for GDP per capita and has forced its government to constantly rely on foreign aid from Australia, Taiwan and New Zealand. The moral of this story is twofold. Economic growth is not for ever. Short-sightedness, greediness and mismanagement can lead to abrupt reversals of fortune in small and large economies alike. Second, GDP, which is a measure of market activity, often provides a distorted view of reality. Nauru's skyrocketing economic performance paved the way for its permanent impoverishment, but official national accounting figures only revealed this when the damage to the island was already irreparable
Biology · Boom · Development economics · Economics · Economy · Fishery · Geography · Government (linguistics · Overexploitation · Per capita · Political science · Politics · Recession · State (computer science · Island Studies and Pacific Affairs · Law · Oceanography
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| Unique citing works | 10 |
|---|---|
| Citations per year | 1,25 |
| Citation span | 2018 - 2025 (8) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 8 |