The Economic Curse of Nicaragua

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[danielrosales]

I'm going to share my opinion as Nicaraguan living in the country. Obviously a lot of people left because they were very poor and our country based on GDP (Not an accurate way to see the actual situation of the country financially) we are the second poorest country in the region. However, here you have public education for free, health assistance for free, food despite inflation is still being cheap. People left because of the low income. I'm a bilingual accountant who has 8 years of experience on the field and quit to work remotely as a customer service representative for a US company because they pay 3 times what I was making as a professional. Then you have an opportunity to leave the country to get a job as a dish washer, waiter o cashier that will make you save some money and send money to your relatives in your country, besides you have the chance of not being deported, and your family is waiting for you and will support you when you get there. So of course people leave as soon as they get a chance like this.

[samuelvarga]

I was afraid when I heard the news that Simon was leaving the Visualpolitik channel, but Grant and Josh are such amazing replacements. Both Visualpolitik and Visualeconomik are phenomenal sources of information and entertainment. Keep up the great work guys, I love the content!
Cheers from Hungary.

[fernandor]

How is Venezuela giving Nicaragua aid??? Thats like Los Angeles giving water to Las Vegas

[mastersonogashira]

America: why would the country I screwed 30 years ago flood me with impoverished immigrants?

[DenissSanches-nxui]

Hawaiian living here in Nicaragua 12 years. I left Costa Rica to live here and love it! Stay out of politics and life is good. Much safer and affordable than Costa Rica and the USA. I will never live in the states again abd I left Kauai. Nicaragua is Home awsome place to visit and even better place to live!!

[Letstalkitoutnow]

I moved here two years ago. Best decision of my life for me and my family. Paradise!!

[christianrodier]

Many developing countries don't have a good system for recording property ownership. For example, if you business, home or car isn't registered to you then it is hard to protect it from the government or prove that is yours in a law suit.

[thepeff]

“See North sold missiles to a country called Iran who would always be our grateful allies. Then he gave the money to the Contras. Genius!”

[timetraveller]

So sad. I was all over Nica. 10 years back. Wonderful Country and people.

[FirstStepTravelers]

Such a beautiful country with such amazing people. I really hope thing change for the better economically

[EventH]

Who can forget what the USA did to that poor country back in the 1980s.

The United States embargo against Nicaragua was declared by then-U.S. President Ronald Reagan on May 1, 1985, and prohibited all trade between the U.S. and Nicaragua. In a strategy similar to the embargo against Cuba, it was intended to undermine the Sandinista government which came to power in 1979.

In 1986 the embargo was found to be in violation of the Treaty of Friendship, Commerce, and Navigation between the United States and Nicaragua but not of the international law obligation of non-intervention by the International Court of Justice. The court's ruling states that the embargo was "in breach of obligations under Article XIX of the Treaty of Friendship, Commerce and Navigation between the Parties signed at Managua on 21 January 1956", but that it was "unable to regard such action in the present case as a breach of the customary law principle of non-intervention". This Treaty states that "neither party shall impose restrictions or prohibitions on the importation of any product of the other party, or on the exportation of any product to the territories of the other party." Further, by laying mines in Nicaraguan waters to enforce the embargo, the United States of America also violated "its obligations under customary international law not to use force against another State".] The United States was therefore obligated "to cease and to refrain from all such acts" and pay an unspecified amount in reparations to Nicaragua. However, the United States continued the embargo nearly 4 years after the ruling, and did not pay reparations.

Big international bullies ...

[TheGamerHenstrike]

I just wish Nicaragua invested more into public transportation. We got rid of the cool trains but we still have the historic stations in Granada, Masaya, etc. It would be cool to reimplement these trains as the traffic of people from Masaya or Granada going to Managua every day for work is ridiculous. Carretera masaya is unusable in the mornings and right around sunset which really sucks. An easier way to get around in Managua would also really help tourism flourish as right now you basically need a car as it is FAR too hot to walk around in the middle of the day. Air conditioned subways would probably be the best solution, I can only imagine taking a nice cool train from Galerias to Carretera sur or los Robles. It's sad to see a country with such incredible natural riches not be able to use them, it does make the beaches nice and quiet though

[ismailnyeyusof]

In the conclusion Grant stated that it’s the boring solutions that work best. The evidence seems to support this but Grant should also have added that boring solutions work better because they basically work towards empowering people, spreading economic risks and growing the economic potential of a country. Populism never works, not for long, no matter how spectacularly they are launched with all the fanfare that usually accompanies them. Dictatorship are a source of widespread poverty and even intelligent, and seemingly benevolent, authoritarian governments have to loosen their control at a certain point to continue economic growth though many such regimes are fearful to do so. The best economies are those where the government is small, laws are few but essential and strictly enforced and the people greatly value diversity. Many democratic countries are far from such an ideal place to achieve a strong economy but, as long as they work at it, they will get there. I’m concluding that dynamic stability is better than static rigid systems, every single time.

[domathon]

Video forgot to talk about the US embargo of Nicaragua 🇳🇮 from 1985-1990

[dancoffey]

Video started with a mass exodus and ended with suggestions to fix a country - didn't really link the end to the beginning

[SineCatenis]

Interesting that you started your timeline for the history of Nicaragua's economic challenges in 1970. I'm sure you know that the timeline starts WAY before that. In the first of its many Latin American coups, the US deposed Nicaraguan President Jose Santos Zelaya in 1909 and installed business-friendly dictator General Juan Jose Estrada the next year, beginning what would lead essentially to decades of control of the country by a single US corporation (United Fruit) and a succession of several destabilizing strongmen including Sandino, Somoza and Ortega, including a two decade occupation of the country by the USMC from 1912-33. A discussion about Nicaragua's present economic status without the relevant context of the associated and devastating US foreign policy interventions over the past century is leaving out too much of the story.

[bhaison]

their politicians always have one same excuse.. we are poor because of America

[Ace-glxo]

Every week 100s and 1000s of people board buses with one goal in mind: to introduce Grant to the existence of toothpaste.

[georgepapatheofilou]

They're not poor, they're broke . It's a state of mind, if you don't mind it don't matter.

[tarcoles]

Funny that you didn't mention the 1980s war and the USA's involvement in it.