What gives rise to the wealth of nations? Some see the source in rich seams of mineral resources such as oil or coal. Geography matters too: countries in temperate climes tend to be richer, other things being equal, than those closer to the equator. Then there are institutions: the rule of law and (perhaps) democracy. Above these, most economists since Adam Smith have believed, stands the invisible hand of the market, guiding selfish human actions to serve the common good.
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