In a class called Sociology of Developing Countries the great (and recently returned) Don Watkins notes something strange about his textbook.
It appears the word Capitalism does not appear in his textbook. I think the reason they are still "developing" (ie. third world like Ethiopia, Canada) would be because they are not Capitalists.
There's no complete explanation for why some countries are affluent while others are poor, but there are some leads. Rank countries along a continuum according to whether they are closer to being free-market economies or whether they're closer to socialist or planned economies. Then, rank countries by per-capita income. We will find a general, not perfect, pattern whereby those countries having a larger free-market sector produce a higher standard of living for their citizens than those at the socialist end of the continuum.
If you want to learn more read the wise cigar afficionado, Walter E. Williams
