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balajis
@balajis.eth
The UAE deserves more study. It is technocapitalist. And a top location for global investors. It’s truly a nation of immigrants. Less than 15% Emirati, >85% foreign. It’s in hypergrowth. From 75k to ~10M people in 75 years. It’s like a Mars colony. Built a metropolis from nothing. Very impressive place.
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Xen Baynham-Herd
@xenbh.eth
The simple way to understand it imo: - Oil gave the region wealth - Monarchy used wealth to maintain ruling legitimacy (by ensuring the small population of nationals are well looked after) - Monarchy used wealth and legitimacy to make top down smart, long term investments (in a way a founder-led company might) - Many of these investments are now paying off.
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balajis
@balajis.eth
Yes, though that’s the opposite of the resource curse. To take that initial oil money and do something with it shows real foresight that many other places didn’t manage.
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Xen Baynham-Herd
@xenbh.eth
Yeh interesting area to study for sure
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Arad
@arad
do they export anything other than oil? don’t think so it doesn’t seem like a classic case of dutch disease because the dutch started with a diversified economy, whereas UAE started with nothing
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