Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail

by Ray Dalio

… strong education, which is not just teaching knowledge and skills; it also includes teaching… … strong character, civility, and work ethic development. These are typically taught in families, schools, and/or religious institutions. If done well, this provides a healthy respect for rules and laws and order within society, leads to low corruption rates, and is effective in encouraging people to work together to improve productivity. The better the country does this, the more there will be a shift from producing basic products to… … innovating and inventing new technologies. For example, the Dutch were superbly inventive—at their peak they came up with a quarter of all major inventions in the world. One of these were ships that could travel around the globe to collect great riches. They also invented capitalism as we know it. Innovation is generally enhanced by being… … open to the best thinking in the world to be able to learn the best ways of doing things and by… … the workers, the government, and the military all working well together.