ward

I recently got out a copy of Barbara Ward's "The Rich Nations and the Poor Nations" (if you read an earlier post called family stories you'll recognize the name) and found the analysis seems as cogent today as it did in the 1970's. How do we create the stable culture that allows people to save and invest for the future? Iraq, war-torn now and under a dictatorship before, doesn't really allow for savings and investments. If you can have your property confiscated on a whim it makes more sense to use your money in things you can enjoy now.

I am not much of a saver myself, but this savings idea is not about what I manage to tuck away, but what we can do as a society. In the 70's we were faced with double-digit inflation, yet still people invested for the future. Instead of putting money in banks we could take out loans to put into a business. It was the investment and savings that paved the way for our future growth.

Yet if nations around us remain poor our riches are in danger. If societies around the world aren't stable, our peace remains at risk.