Theories of Economic Strength of Nations

The video explores various theories explaining a nation's economic strength or weakness, including natural resources, climate, education, technology, and dependency. It argues that the legal system is a significant driver of economic productivity by providing confidence and security in transactions, enabling more business activities and trust among parties.

What is the dependency theory and how does it relate to economic productivity between nations?

Explain how the legal system can drive economic productivity in a nation.

What role does confidence in the legal system play in economic transactions?