How does a poor country become a rich country? There’s a simple blueprint — or at least, that’s what many economists used to believe. But over the years, a lot of rapidly developing economies have stalled out. These countries aren’t poor anymore, but they’re not rich either. They’re stuck in the middle. The World Bank calls this problem the “middle income trap.”
Read more The foreign fighters from China that played a key role in Syria’s revolution
And if there’s a poster child for the middle income trap, many would point to Brazil. For a time, Brazil had one of the fastest growing economies in the world. On today’s show, we head to Brazil to understand why the old blueprint for economic development might not work so well anymore.
Read more Byron Allen says CBS has put no limits on his show replacing Stephen Colbert’s
The story starts in the Amazon rainforest. With an audacious plan to industrialize the country as fast as possible.
Read more Federal judge dismisses criminal charges against Kilmar Abrego Garcia