Tuesday, January 1, 2013

Poverty in Saudi Arabia proves that capitalism doesn't work even in the best of circumstances.

Saudi Arabia's riches conceal a growing problem of poverty | World news | Guardian Weekly: "The kingdom has a two-tier economy made up of about 16 million Saudis, with most of the rest foreign workers. The poverty rate among Saudis continues to rise as youth unemployment skyrockets. More than two-thirds of Saudis are under 30, and nearly three-quarters of all unemployed Saudis are in their 20s, according to government statistics.

In just seven decades as a nation, Saudi Arabia has grown from an impoverished backwater of desert nomads to an economic powerhouse with an oil industry that brought in $300bn last year."

'via Blog this'

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