Sad Economist story about a

Mark Frauenfelder 2:03 pm Mon Dec 24, 2001

Sad Economist story about a once beautiful Pacific Island.

Unlike many small, remote Pacific islands, Nauru possesses a valuable commodity, phosphate, a sought-after fertiliser ingredient. A high-grade supply was discovered in 1900. For a brief, heady moment in the 1970s, Nauruans were, astonishingly, among the richest people on earth. Now they are poverty-stricken, unhealthy and look set to be clobbered by international trade sanctions. The story of Nauru's descent from prosperity to penury is one of the most cautionary tales of modern development.

Link Discuss (Thanks, John!)

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