The World's Most Dangerous Economy: Somalia

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Economics Explained

Economics Explained

Күн бұрын

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In this video we delve into Somalia's perilous economic situation after the government collapse in 1991, and reform in 2012. How are international relations, is there potential for recovery, and what lessons can we learn from this extreme economy.
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Пікірлер: 1 700
@EconomicsExplained
@EconomicsExplained Жыл бұрын
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@MrJanes-cl5sj
@MrJanes-cl5sj Жыл бұрын
the vast majority of Taiwanese consider themselves part of the mainland. Its pretty much just the USA that is confused on the subject
@civosborne
@civosborne Жыл бұрын
I'm hoping Somaliland gets mentioned in this video. Update: WOOOOOO!
@natel9019
@natel9019 Жыл бұрын
The only reason they were pirates is because nuclear waste was dumped off shore and killed all of the fish. It was an Italian company. You continue to spread rumors. Smh
@korpusz
@korpusz Жыл бұрын
Did you Just teased Poland video ?
@ferdinanddaratenas3447
@ferdinanddaratenas3447 Жыл бұрын
Well, at least they aren't Lebanon...
@mrk131324
@mrk131324 Жыл бұрын
Funny fact: These stocks for piracy raids are pretty much what the stock market was invented for in the 17th century in the Netherlands. Merchants pooled their capital to buy and muster ships to travel to Asia or the Americas and would share the profit if these ships return from their merchant "raids".
@scimaniac
@scimaniac Жыл бұрын
which was why I was puzzled when he said stock exchanges require “high-levels of regulation”
@r.brooks5287
@r.brooks5287 Жыл бұрын
I was thinking about this for here in the UK too.
@Alexeon
@Alexeon Жыл бұрын
​@@scimaniacthe Netherlands had regulation. They had a functioning government with laws and law enforcement. If the investors didn't get paid according to the contracts, the merchants could get arrested. Not exactly the case with Somali pirates.
@natel9019
@natel9019 Жыл бұрын
As far as I knew the stock market was started in the Netherlands then but with the forecast of the Tulips harvests.
@matthewv4170
@matthewv4170 Жыл бұрын
​@@natel9019 no your wrong. It's was stocks in a voyage
@jasonjarnet8141
@jasonjarnet8141 9 ай бұрын
You failed to mention why piracy was so rampant in somalia. After the government disolved the navy, foreign boats would come into somalia's water to either illigally fish somalia's fish or to pollute it by dumping water into it, the pirates came about as a way of protecting their water and they found an economic reason to keep doing it
@cxpeky
@cxpeky 7 ай бұрын
This is incredibly important what you just said and should be never missed in video like this.
@jareersmoker1721
@jareersmoker1721 7 ай бұрын
@@cxpekyif they have the opportunity to tell the truth but it’ll make Somalis look better to the public or not tell that truth, they’d rather say nothing at all😂. They want people to still think about pirate gangs and War-Lords when people think of Somalia. This way every-time “Somalia” is title people. You’ll get tons more views if they still think it’s engulfed in fire lols
@Yeswecan787
@Yeswecan787 4 ай бұрын
@@jareersmoker1721warya Ramadan Mubarak 🌙
@angkarbasil
@angkarbasil Жыл бұрын
My coworker is somali, born and raised Mudug region. He says 100% of public utilities are run by local companies because the Capital has 0 power or abilities to provide them to the communities outside it because of the unrest. Police, airport authority, buses and more are all private and run locally.
@smeshcel3025
@smeshcel3025 Жыл бұрын
And it works good like that for now. Im from somaliland and everybody has jobs and buisness oppurtunities. No one dies of starvation in somaliland. We are picking up nowadays and the government has been building more roads and are developing the infrastructure. They started taking taxes now. I cant wait to go back
@saidiskigaming9056
@saidiskigaming9056 11 ай бұрын
@@smeshcel3025 you can just somalia 🇸🇴
@mikepastor.k6233
@mikepastor.k6233 8 ай бұрын
Lol. And the U.S. goes into a panic when there could be a government shutdown. No one would notice a stitch if it happened
@nivekregeelf2091
@nivekregeelf2091 8 ай бұрын
Sounds like paradise
@MoreSomalia
@MoreSomalia Жыл бұрын
Thank you for making this! Great dive into Somalia! With a growth score of 9/10 and the current government war on Al-Shabaab I am hopeful Somalia will rank much higher within the next 10-20 years. A LOT of great things has been set in motion within the past 5 years, and the people are tired of civil war. There is an entire new generation of hungry youngsters, who have seen the worst from their parents generation.
@m.hughmungus121
@m.hughmungus121 Жыл бұрын
Yah ? Do you know how many *decades* Somalis have been tired of their shothole ? What has been done since then?;
@Cxesar
@Cxesar Жыл бұрын
You make some great content on insta
@Luredreier
@Luredreier Жыл бұрын
​@@CxesarHe does? English speaking?
@akiim1532
@akiim1532 Жыл бұрын
@@m.hughmungus121 we have been investing and creating our own infrastructure. communities funding it themselves as well as factories and ports
@m.hughmungus121
@m.hughmungus121 Жыл бұрын
@@akiim1532 investments return a profit, you realize this ?
@grimmlinn
@grimmlinn Жыл бұрын
It’s not a matter of how functional anarchy is but how dysfunctional governments can be.
@acctsys
@acctsys Жыл бұрын
Why not both? Limited government is a thing.
@Mythhammer
@Mythhammer Жыл бұрын
@@acctsys No, sadly its not. "Limited" government never lasts. That is due to human nature and the nature of government.
@CapnSnackbeard
@CapnSnackbeard Жыл бұрын
Anarchy is incredibly functional. Look it up. What it isn't good at at all is goose-stepping, international theft and mass violence.
@acctsys
@acctsys Жыл бұрын
@@Mythhammer I understand. Somalia on the other hand learned that lesson the hard way. They could take the straight path when they can.
@kiaranr
@kiaranr Жыл бұрын
Motivated individuals will self organize in many ways. Gov often inhibits that.
@7111mohamed
@7111mohamed Жыл бұрын
Only thing I'll add to the point about the currency is the shilling no longer in circulation as much as before in Somalia. People primarily use American dollars for day-to-day purchases. Also many of the industries are owned by a handful of monopolies. Also a point on instability, agriculture is not as stable as it once was. Having been there myself and talking to a number of the folks in the sector, they pointed to climate change as a major concern. Overall good analysis!
@RoScFan
@RoScFan Жыл бұрын
Imagine a climate change denialist in Somalia.... amazing to think of stupidity as a western luxury.
@kausthubh
@kausthubh Жыл бұрын
In this much chaos, they have the time to think about climate change??!?!!
@troyen3869
@troyen3869 Жыл бұрын
@@kausthubh Agriculture is sensitive to changes in climate, yes. There's been a nasty drought there past five years which has led to food shortages.
@pyroman2918
@pyroman2918 Жыл бұрын
@@kausthubh Well, if your crops have failed and you are starving because of climate change, I think you will find some time to think about it even among all that chaos.
@thinkbeforeyoutype7106
@thinkbeforeyoutype7106 Жыл бұрын
WHY does he use typical “poor African” video stock which aren’t even the people he’s discussing about? That’s like me making a video about poor Ukrainians but showing Mongolians footages. You’ve to put better effort in showcasing the people you’re discussing. Also, piracy started when Europeans who depleted their own fishing areas begin to come and STEAL somali fisherman’s only food source while they also dumped toxic waste in the process. The fisherman got together and TAXED those illegal ships but somehow you wanna call that “piracy” huh? You’re just regurgitating the same OLD and OUTDATED western talking points. I bet, you’ll also make a video about how Iraq had “wmd” right? These channels are becoming a joke and western media mouthpieces as they get more views.
@cameronvincent
@cameronvincent Жыл бұрын
Look at me, look at me I am the captain now
@skp8748
@skp8748 Жыл бұрын
Haha so funny... not.
@Connor_Roush
@Connor_Roush Жыл бұрын
“Look at me I’m Swedish now” hahahaha!
@TheSwedishHistorian
@TheSwedishHistorian Жыл бұрын
@@Connor_Roush wish we never took in africans
@afro_princess1671
@afro_princess1671 Жыл бұрын
Not funny
@richardbrady1849
@richardbrady1849 Жыл бұрын
I am the economy now
@cooperhawk988
@cooperhawk988 Жыл бұрын
Can you do Myanmar? It’s interesting how it’s historically been all over the place.
@beefjerkythesecond
@beefjerkythesecond Жыл бұрын
*Burma
@MSAli86
@MSAli86 Жыл бұрын
Yeh, highlighting the rohingyan genocide would be of particular interest
@cooperhawk988
@cooperhawk988 Жыл бұрын
@@beefjerkythesecond *myanmar
@mummy5490
@mummy5490 Жыл бұрын
​@@MSAli86 rohingya is not innocent at all..they are being deported from malaysia, indonesia , India, bangladesh..all blamed them for crime nd murder...So you can't blame myanmar alone
@kevincronk7981
@kevincronk7981 Жыл бұрын
​@Cooper Hawk people call it burma because although it's a name given by british colonizers, it's at least a name of the country itself. Myanmar is the name of the literal terrorist organization in power there, so the US governmant, some other governments, and people who don't like terrorism use Burma insteas
@neverlookback1244
@neverlookback1244 Жыл бұрын
As a Somali thanks for covering our economy everything said was spot on,our biggest obstacle is security once we get rid of it we’ll develop fast.
@raashidiinabdullahi5583
@raashidiinabdullahi5583 Жыл бұрын
No its clanism
@gureygurey8475
@gureygurey8475 Жыл бұрын
What are you on about? He made several mistakes
@liibaan2000
@liibaan2000 Жыл бұрын
You’re woefully confused about your own country if this was spot on to you.
@TheQuranExplainsItself
@TheQuranExplainsItself Жыл бұрын
@@minki46664 he’s Somali too.
@gureygurey8475
@gureygurey8475 Жыл бұрын
@@minki46664 liibaan is a somali name so yeah, there's that...
@ImTHECarlos98
@ImTHECarlos98 Жыл бұрын
You should do a video on the current economic situation in Cuba. Would love to see how it ranks on the leaderboard, being born there myself. I know there’s already a video on Cuba, but it’s quite old now, and things have changed quite a lot recently.
@ezraclark7904
@ezraclark7904 Жыл бұрын
I second this request
@Joe-fk6wz
@Joe-fk6wz Жыл бұрын
Did it improve or get worse?
@colehowe
@colehowe Жыл бұрын
I really wish the US and Cuba could move past so much of the problems of the past. Many people in Cuba are senselessly hurting economically because of the poor relations and sanctions :/
@silenthawkstudios9924
@silenthawkstudios9924 Жыл бұрын
Unfortunately economic analyses of socialist/communist countries generally aren't particularly reliable as the traditional ways to measure parts of an economy are meant for a capitalist system. A good example of this would be how everything seems to think China is lying about it's GDP figures, while in reality those GDP figures are GDP targets set in advance.
@citizenkane2349
@citizenkane2349 Жыл бұрын
@@colehowe Nah, they don't need the help from the evil capitalists.
@ish8891
@ish8891 Жыл бұрын
No mention of Somalia’s telecommunications industry? Considering the volume of transactions and transfers of money that are completely cashless, as well as the development in this particular industry in comparison to the rest of the African region, this should have been mentioned. Also, about the currency, nobody even uses the somali currency.a very large number of transactions are done in dollars and this has been the case for an extended period of time. No mention of this either. The research depth for the video is somewhat disappointing.
@sojourner99
@sojourner99 Жыл бұрын
I watch a lot of videos from creators like this. They are useful and informative to get general sense of things on a topic, but you are correct, they lack really in the weeds info. I still find them useful I just acknowledge that they are probably missing some details.
@AvoidTheCadaver
@AvoidTheCadaver Жыл бұрын
can't expect a deep dive in a 16min video. In the broader world, there would be a big segment of of people whose knowledge about Somalia probably stopped growing after the Battle of Mogadishu
@aaanawaleh
@aaanawaleh Жыл бұрын
This is a general problem with edutubers like EE or Wendover Productions. They give very surface level takes and they don't have the knowledge to go deeper. Anyone from Somalia or who's been to Somalia can tell you about Zaad, Dahabshiil, Premier etc that are used to transfer money by phone instead of cash but these channels are a bit clueless besides the most publicised and famous issues.
@matthewv4170
@matthewv4170 Жыл бұрын
​@@aaanawaleh there audience is Americans. Most Americans think Somalia is in the Carribbean because there's pirates there
@ianwoodaudio
@ianwoodaudio Жыл бұрын
@@AvoidTheCadaver until I saw this video, I knew nothing of the post battle of Mogadishu country
@coleglee6912
@coleglee6912 Жыл бұрын
I am always interested EE content and hope he continues his great work
@aroto
@aroto Жыл бұрын
very interesting video thanks. I saw many people recommend this country here in the past so it's nice that you listen to your subscribers, keep up the good content
@ecoideazventures6417
@ecoideazventures6417 Жыл бұрын
It is surprising to see Somalia is having a better functional economy than South Africa!
@Walmart1
@Walmart1 Жыл бұрын
The Somali diaspora in South Africa are some of the richest in Africa also crime is lower in Mogadishu than in Cities like London.
@mesa9724
@mesa9724 Жыл бұрын
@@Walmart1 That’s completely false. Mogadishu is the second most dangerous city in Africa, with homicide rate at 73.8 per 100,000 persons which is ridiculously high.
@adamsaciid4919
@adamsaciid4919 Жыл бұрын
​@@mesa9724 that's nonsense 😢 came muqdisho and you see your self
@mesa9724
@mesa9724 Жыл бұрын
@@adamsaciid4919 I don’t need to and I don’t want to go to that shithole. Just look it up online lol.
@YungPickleDaSour
@YungPickleDaSour Жыл бұрын
@@mesa9724 from personal experience, that is definitely not true.
@codewebsduh2667
@codewebsduh2667 Жыл бұрын
A large amount of the pictures of people in this video is not in Somalia. It's like showing Japanese pictures when talking about Korea.
@user-nc4mv1iz3w
@user-nc4mv1iz3w Жыл бұрын
Awesome video! I've been a fan of Economics Explained for a while now, and I must say, your content never disappoints. The way you break down complex economic concepts and make them accessible is truly commendable. I wanted to reach out with a suggestion for a future video topic: the economy of Albania. Albania's economic landscape is quite intriguing, especially considering its transition from a communist regime to a market-oriented system. It would be fascinating to delve into the factors that have shaped Albania's economic growth, the challenges it has faced along the way, and the potential opportunities that lie ahead. Covering the economy of Albania would not only provide valuable insights into this unique nation, but it would also shed light on the broader dynamics of transitioning economies. I believe your expertise and ability to explain complex topics would greatly benefit viewers seeking a deeper understanding of this lesser-known economy. Thank you for consistently producing engaging and informative content. I'm eagerly looking forward to your future videos, including one on the economy of Albania. Keep up the excellent work!
@izzie.12
@izzie.12 Жыл бұрын
None of the stock footage of this video shows real Somalis. I guess none of the stock photographers or video makers were willing to take the risk.
@GTM9164
@GTM9164 Жыл бұрын
Somalia actually uses mobile pay alot bc of cash is hard to get and not always worth a lot.
@mohamedabdukadir3271
@mohamedabdukadir3271 Жыл бұрын
Not really, the telecommunication companies brought the mobile mony to the country and people love it because it is much safer and easy to carry money.
@___Truth___
@___Truth___ Жыл бұрын
Yeah just like @mohamedabdukadir3271stated, it's the Somali telecommunication companies that are the basis for electronic money transactions, its dissappointing that EE didn't mention this since the Somali Telecom companies in addition to the Somali Banks that's basically been the only industries to survive throughout this time as being the main reason why things like Remittance is even possible.
@majidelmit2326
@majidelmit2326 Жыл бұрын
@@mohamedabdukadir3271 safer in what way? I personally thing it’s dangerous since it facilitate Al Shabaab
@emceeboogieboots1608
@emceeboogieboots1608 Жыл бұрын
What currency do they generally use?
@abdirahmanhassan1848
@abdirahmanhassan1848 Жыл бұрын
@@emceeboogieboots1608 USD
@stoicman31
@stoicman31 Жыл бұрын
I’ve been waiting for this one all my life.
@theraven6836
@theraven6836 Жыл бұрын
“A small, diplomatic fortress”. Wow.
@infidelheretic923
@infidelheretic923 Жыл бұрын
Wanna talk to the US? Come in here. Alone and unarmed.
@countcryptonite
@countcryptonite Жыл бұрын
The US has several military bases in Somalia. The main one being near Mogadishu (baledogle) where they have stationed US drones. The US also has 700 military personnel in Somalia. Trump has ordered the military back but Biden has returned them all. It is a strategic base in the Horn of Africa. So no its not a small diplomatic fortress but has quite a size. Besides the US the UK has a military base, Turkey has a military base and their largest embassy in the world. The UAE has a base where they train the Somali military and all the contributing AMISOM countries have a militrary base. As for embassies. There are a lot of foreign embassies stationed in Mogadishu. Most of the western embassies are based in the Halane area of Mogadishu
@RussellNelson
@RussellNelson Жыл бұрын
Not the only country that has a diplomatic "fortress". Go visit the US Embassy in Istanbul.
@infidelheretic923
@infidelheretic923 Жыл бұрын
@@RussellNelson You’d think there was a risk of high explosives going off nearby or something. Lol.
@MrZoomah
@MrZoomah Жыл бұрын
Just like to point out the reason for the Somali pirates lays with many of our countries. In Australia, fisherman from Geraldton and other towns would go to the fishing waters near Africa in the off season and pillage their waters. This lead to a huge decline in fish and their fisherman couldn't exist. They were forced to defend their fishing waters. One fisherman I know had weapons on his Australian boat in case he caught a 'shark.' The fisherman defending their waters ended up becoming their first pirates. Western fisherman, many multi-millionaires, created this industry.
@oneshot2g
@oneshot2g Жыл бұрын
I was coming to post this also. Chinese ships have been stripping Africa of it's fishing stocks. In Somalia it was outrageous, they were actively fishing in Somalian waters.
@hu6284
@hu6284 Жыл бұрын
Exactly, it quickly became profitable seeing how quick the payouts were from insurance companies and worried families usually with billions of net worth.
@koharumi1
@koharumi1 11 ай бұрын
Geraldton?
@CalamityJay-ez2mq
@CalamityJay-ez2mq 9 ай бұрын
Similarly Somalia and most other African nations have been at the mercy of mining and oil companies since gaining independence, piracy is a pretty natural response to the plunder of a nations wealth while it's native population starves
@-bubby9633
@-bubby9633 9 ай бұрын
Yawn
@joaovitormatos8147
@joaovitormatos8147 Жыл бұрын
10:07 wow, you guys managed to print a story that wasn't published yet
@emceeboogieboots1608
@emceeboogieboots1608 Жыл бұрын
Nice pick up😁
@Knowitallhistorian
@Knowitallhistorian Жыл бұрын
This channel always finds new ways to impress. Giving us headlines from 6 months in future!
@chrisn5956
@chrisn5956 Жыл бұрын
Noticed that too and instantly searched for the comments :D
@yunnan9109
@yunnan9109 Жыл бұрын
Could you do videos about southeast asia? starting alphabetically would be great! a region that are quite important yet barely talked about :)
@fubytv731
@fubytv731 Жыл бұрын
Yeah, EE has been neglecting this region
@Libertarian1111
@Libertarian1111 Жыл бұрын
I could see that you're in middle of doing an episode on Poland, and as I am very interested in eastern Europe I am really looking forward to that I would also like to make a suggestion, that you do an episode on Poland's northern neighbors, the Baltic states, as they have had an amazing economic transformation over the last 30 years
@komiks42
@komiks42 Жыл бұрын
Our economy is held together by ducktape. With currently gov, i can really see reverting to the status from 1980
@Libertarian1111
@Libertarian1111 Жыл бұрын
​@@komiks42True, nothing is perfect, and there are always periods of ups and downs in an economy, and the Baltic states have certainly had it tough lately (Ukraine, tax hikes, etc.). I really hope your gets over the current problems. However, it is important to recognise how far the Baltic states have come since regaining independence in 1989 and the subsequent chaos in the early 1990s.
@jamesliston5693
@jamesliston5693 Жыл бұрын
Eastern Europe wouldn't have been where they are if it wasn't western Europe's taxpayers money 🤑
@Libertarian1111
@Libertarian1111 Жыл бұрын
@@jamesliston5693 Estonia never received much money from the European Union, and certainly didn't build itself up on EU finances, and have nearly always had a budget surplus, meaning that the government collects more in taxes locally then what they spend
@jju7469
@jju7469 Жыл бұрын
I've learned so much from this video correcting my previous beliefs about Somalia. Thank you 🙏🏽
@standowner6979
@standowner6979 Жыл бұрын
Some of the things they talk about are not true though
@MaybeDay4
@MaybeDay4 Жыл бұрын
Don’t take this as somali Wikipedia 😂
@ethribin4188
@ethribin4188 Жыл бұрын
Somali is one of the most interesting current economies. As bad as its situation is. Its still very interesting.
@dev.0122
@dev.0122 Жыл бұрын
I love this channel! It has taught me so much. Though I have request, I remember a video on Saudi Arabia and its project Neom. There, you mentioned PPF curves and factor endowment theory ime how a country may run out of land before capital etc. I would love it if you could incorporate some of these macroeconomics concepts like that in the video so we might learn something more substantial. Thanks again Man
@MaybeDay4
@MaybeDay4 Жыл бұрын
Please do not learn from this channel they are cookie cutting information
@CRneu
@CRneu Жыл бұрын
@@MaybeDay4 you should post some examples with sources to prove your point.
@ronlevin2339
@ronlevin2339 Жыл бұрын
I think you should do economics for Taliban, Hisballa and Hamas
@amorosogombe9650
@amorosogombe9650 Жыл бұрын
The pirate stock exchange was epic. Initial Pirate Offerring. 😂
@EarnestBunbury
@EarnestBunbury Жыл бұрын
The controversial German constitutional theorist Carl Schmitt had stated: “Sovereign is he who decides on the state of exception.”On the one hand he's regarded very critical, as he was part of the Nazi regime. On the other, he had identified many important mechanisms in law. His theories were even used, when Israel wrote its constitution.
@donaldmcronald2331
@donaldmcronald2331 Жыл бұрын
I‘ve heard about his quote about recently, but I didn‘t know his contributions to economics.
@OzyTheLast
@OzyTheLast Жыл бұрын
Israel has a constitution?
@jackcohen4931
@jackcohen4931 Жыл бұрын
Israel doesn't have a constitution.
@dieptrieu6564
@dieptrieu6564 Жыл бұрын
Not all nazi are bad people.
@andrewjgrimm
@andrewjgrimm Жыл бұрын
@@OzyTheLast it has a Basic Law.
@AlanTheBeast100
@AlanTheBeast100 Жыл бұрын
Need to look into how other countries fishing in Somali waters robs Somalia of that resource and is thus a contributor to the piracy problem.
@rameshchennai6746
@rameshchennai6746 Жыл бұрын
Best quality channel no doubt 🎉🎉❤❤
@joaoalbertodosanjosgomes1536
@joaoalbertodosanjosgomes1536 Жыл бұрын
❤❤
@haydenanderson245
@haydenanderson245 Жыл бұрын
This is a good channel! Very informative!
@zacharywong483
@zacharywong483 Жыл бұрын
Nice video, Economics Explained team!
@The2wanderers
@The2wanderers Жыл бұрын
It's so funny to me that the travel warning is basically "get your affairs in order," without distinguishing Somaliland where the currency exchange guys literally leave huge amounts of money sitting around unlocked while they go to prayer.
@DukeDevlin1
@DukeDevlin1 Жыл бұрын
At 10:03 the OECD headline about foreign aid surging due to Ukraine has a date of December 4, 2023. 6 Months in the future. Looking forward to seeing it in the end of year blooper video. But genuinely, thanks for the videos and content. Always a great watch and interesting lessons to take.
@TheBFT
@TheBFT Жыл бұрын
I was looking for this comment.
@andypandy53
@andypandy53 11 ай бұрын
​@@TheBFTsame
@Articulate99
@Articulate99 Жыл бұрын
Always interesting, thank you.
@bender9222222222
@bender9222222222 Жыл бұрын
This channel is absolutely off the rails.
@natedcarr6148
@natedcarr6148 Жыл бұрын
9:53 I am very impressed with EE's reporting. They're even able to pull articles from the future. (Dated 06/06/2023).
@joe_z
@joe_z Жыл бұрын
Man, that 9/10 on growth really carried Somalia on not being in the bottom spot.
@warsamaosman0894
@warsamaosman0894 Жыл бұрын
I live in hargeisa Somaliland, and the electricity price is $0.73 pkwh. The water price 1 cubic meter is 14500 Somaliland Shillings $1.70. The exchange of US dollars is $1 = 8500 Somaliland Shillings.
@abdikariimabdullahi9493
@abdikariimabdullahi9493 Жыл бұрын
As an economics student from Somalia, the most pressing issue is stability. if we can manage to establish a stable government and reduce anarchy, Somalia will prosper thanks to its strategic location on the Red Sea & the Indian Ocean plus the entrepreneurial spirit of its people.
@dr94279
@dr94279 6 ай бұрын
I think it’s clear that Somalia doesn’t need a government
@billeldztech
@billeldztech Жыл бұрын
Hi thanks for the video, I was wondering can you do a video covering Algeria i think it might be an interesting video and thanks for the content
@HatedAlways
@HatedAlways Жыл бұрын
Can you examine the Central African Republic?
@adamcetinkent
@adamcetinkent Жыл бұрын
Cars depreciate rapidly
@beatrizcascelli
@beatrizcascelli Жыл бұрын
Great video!
@jonathanbaudier4665
@jonathanbaudier4665 Жыл бұрын
Your next video should be about Belgium and how it fares with or without a government 😅
@MrForeveryoung201
@MrForeveryoung201 Жыл бұрын
@econmics Explained, can you do a video of the Soviet Union Economy at its peak? It would be interesting to see.
@TheBunnan
@TheBunnan Жыл бұрын
Great episode, it's strange that most of the articles you quote round 10 years old though.
@enriquebuitroncruzalegui5951
@enriquebuitroncruzalegui5951 Жыл бұрын
I would love to see what you have to say about peruvian stable currency, slow but steady growth and political chaos
@FREDDYPACKS
@FREDDYPACKS Жыл бұрын
Please look into and do a video on the economy of BOTSWANA? I would like to see you rate it in your board.😅
@moletrap2640
@moletrap2640 Жыл бұрын
At minute10 you show a report from the OECD dated December 4, 2023. I want to know how you got your hands on that. 😊
@nathanngumi8467
@nathanngumi8467 Жыл бұрын
Very interesting!
@keshavkhanna6028
@keshavkhanna6028 Жыл бұрын
This is your best video yet
@nocapnobs7845
@nocapnobs7845 Жыл бұрын
Because it is all fiction you would think Disney put it together. I loved it, cute stories and plenty of lies.
@ehsansalah-ud-din7568
@ehsansalah-ud-din7568 Жыл бұрын
Since the leaderboard is updated after every other video. How about giving a link to a spreadsheet that gives the entire list for us to see.
@TheEndermanNestGPage
@TheEndermanNestGPage Жыл бұрын
its so weird that they don't use any actual footage from somalia but just random other african countries
@whhhhhhhhh
@whhhhhhhhh Жыл бұрын
The way you emphasize the last words in your sentences is interestiiiing
@whhhhhhhhh
@whhhhhhhhh Жыл бұрын
EconomeEeE
@GeDruchy
@GeDruchy Жыл бұрын
You must have great sources and researches; how did you get that OECD Foreign Aid article for the future?
@dand2810
@dand2810 Жыл бұрын
This is the first time I've heard someone saying Krugman is a respected economist
@Bolognabeef
@Bolognabeef Жыл бұрын
What can you expect from someone that ranks the BRICS higher than Israel, loves Keynesianism and never mentions free markets even when it's most obvious it should be mentioned
@MathewRenfro
@MathewRenfro Жыл бұрын
"respected" by whom? People can be easily misled, misinformed. He's respected all right just not by anybody who understands economics. Even college-educated economists can misconstrue popularity for legitimacy. I know many professional so-called doctors, with degrees and licensed to operate, who I would not trust to prescribe me an aspirin. Many, many professionally trained economist have driven whole Nations into poverty. *See any centrally-planned Communist economy as an example.
@americameinyourmouth9964
@americameinyourmouth9964 Жыл бұрын
Because he won the Nobel prize in economics in 2008. But this channel isn’t a historian either falsely saying Siad Barre was supported by the USSR after 1977 Ogaden War.
@walkingcarpet420
@walkingcarpet420 Жыл бұрын
Ya, everyone that knows Krugman knows that he is a clown!
@sheldoniusRex
@sheldoniusRex Жыл бұрын
Fun fact. There is million dollar real estate in Mogadishu.
@khalidahmed4906
@khalidahmed4906 10 ай бұрын
Average modern apartment costs 350k dollars. 20km Outside of Mogadishu homes go for 70-160k dollars.
@erichlf
@erichlf 9 ай бұрын
I think it would be interesting to speak about the rental markets in places like the Netherlands, where it is very difficult to rent an apartment. I'm very curious why this situation exists and why it doesn't seem to get fixed.
@notannie4798
@notannie4798 9 ай бұрын
I read about it and here are some of the reasons: - Very small country - One of the most urbanised country (at least in Europe) - The companies (and especially universities) love to make publicity abroad and to bring more and more young workers and students (especially students) without caring whether or not the students will have a place. Many end up paying at least one year of study fees before leaving the country to not be homeless - finally many big companies own apartments, building and houses without renting them (for long term profits) thus furthering a scarcity of affordable decent housing (similar situation in the US where you have at least two times more vacant houses that no one uses than you have homeless people) In conclusion: logistics and greed from capitalism
@baroiall9968
@baroiall9968 Жыл бұрын
Being a Bangladeshi, I'd love to see you do a deconstruction of the Bangladesh economy, and maybe give some suggestions to make the economy grow/improve faster and more effectively.
@meltossmedia
@meltossmedia Жыл бұрын
Economics Explained ha burburto, it means it is a good channel ❤
@joaoalbertodosanjosgomes1536
@joaoalbertodosanjosgomes1536 Жыл бұрын
@krooscontrol9019
@krooscontrol9019 Жыл бұрын
😂
@zakariaabdimohamed7063
@zakariaabdimohamed7063 Жыл бұрын
Nacalaa shydan kuyaal😂😂😂
@fredrickrari9338
@fredrickrari9338 Жыл бұрын
Looking forward to see the economy of kenya
@SuperTripleL
@SuperTripleL Жыл бұрын
“Cuddling internationally” 😂❤ 0:00
@oluwatomiochefapohunda8695
@oluwatomiochefapohunda8695 9 ай бұрын
Hi! This is very excellent work for a country which was quite difficult to collect data from. Can you do one for Nigeria?
@alansaxena7934
@alansaxena7934 Жыл бұрын
This is a fascinating video on a country we don’t hear much about. Good job EE
@johnro8ot
@johnro8ot 8 ай бұрын
Paul krugman is one of the most boneheaded and controversial economists with down-party-line (liberal) economic ideas. I wonder if he’s a good choice for citing economic ideas…
@sourabhmayekar3354
@sourabhmayekar3354 Жыл бұрын
Good job
@spiffyracc
@spiffyracc Жыл бұрын
Somali piracy wasn't an example of what happens with no government interference. Other governments prevented merchant ships from effectively arming themselves or hiring somebody like Blackwater or Wagner to provide a solution.
@IbrahimMohamed-hr2so
@IbrahimMohamed-hr2so Жыл бұрын
I have been requesting a video on Somalia for a longtime and at least a little on the economy on Somaliland, a unrecognized country inside Somalia
@Atherion8
@Atherion8 Жыл бұрын
Somaliland is not “an unrecognised country in Somalia” it is a region of Somalia.
@phobia7347
@phobia7347 Жыл бұрын
Sorry to break it to you, but Somaliland is even poorer, it only fairs well with stability.
@Lowseeds
@Lowseeds Жыл бұрын
A piece of a sececconist cell has another secessonist cell inside the (SSC), have a taste of craziness I guess.
@Darklord1201FTW
@Darklord1201FTW Жыл бұрын
Can’t wait for the Poland economy video to come out!
@alexeades33
@alexeades33 Жыл бұрын
9:58 Wow, an article from the future!
@NovaHessia
@NovaHessia Жыл бұрын
One slightly morbid thought I have about this: Historically, the common people did economically well after large losses of population, as the price for labour went up, and there was less strain on resources, especially farmland (the central economical consideration in a subsistence agriculture economy). And even before the Somali central government just evaporated, the civil war was a giant blood letting, including a targetted, concerted genocide claiming 50k-200k people by itself. I wonder if that as well had an effect on the relative economic/HDI prosperity during the anarchy...
@Baebon6259
@Baebon6259 Жыл бұрын
Genghis killed so many people during his time that he actually helped cool down the Earth by a degree. As morbid as it sounds, the Earth is due for some culling to take place whether it is natural disasters, diseases and war.
@user-uf4rx5ih3v
@user-uf4rx5ih3v Жыл бұрын
This does happen but not necessarily all the time. Sometimes a loss in population can push a society to collapse.
@Fools_Requiem
@Fools_Requiem Жыл бұрын
Haiti is probably more screwed than Somalia is right now.
@LD-Orbs
@LD-Orbs Жыл бұрын
Somalia is rising out of violent chaos. Haiti is falling into it.
@zakariaabdimohamed7063
@zakariaabdimohamed7063 Жыл бұрын
Haiti is in the stage where somalia were in 1990s
@JumbalayahJihad
@JumbalayahJihad Жыл бұрын
9:55 When your economics is so good that you get articles that haven't happened yet🎉
@user-wl4er2yr8j
@user-wl4er2yr8j 11 ай бұрын
THE ACTUAL SOMALIA! kzfaq.info/get/bejne/kNWcra2Sut-3mGw.html kzfaq.info/get/bejne/iKh8pZqG1dKuaYU.html kzfaq.info/get/bejne/iNaZp86pl9jIc5c.html kzfaq.info/get/bejne/qrR1l7OLqMzcf6c.html kzfaq.info/get/bejne/q5ukl8t01bvMoI0.html kzfaq.info/get/bejne/fryTlc2lvra1aKM.html kzfaq.info/get/bejne/mrSCe6mSq5-9aKs.html
@ahmedceymis2708
@ahmedceymis2708 10 ай бұрын
Thanks 🙏 mate
@benm3382
@benm3382 Жыл бұрын
My grade 11 Social Studies class had a project where each person had to present a different African country, which I thought was a great idea since we never learn enough about the individual countries and their history. But I was assigned Somalia and it was almost impossible to answer the questions since it's basically just a moving anarchy!
@BeatlesBowieKrimson
@BeatlesBowieKrimson Жыл бұрын
How long ago was that?
@akiim1532
@akiim1532 Жыл бұрын
it’s not in anarchy anymore it’s not the 1990s anymore
@fmjjjjn7510
@fmjjjjn7510 10 ай бұрын
What do you mean by moving anarchy?
@thezu9250
@thezu9250 7 ай бұрын
Somalia has a rich history and it wasn’t in chaos this whole time. There are lots of fascinating civilizations.
@Me.Winter
@Me.Winter Жыл бұрын
It's a miracle that these kinds of countries sustain themselves for even a day.
@ordinaryperson-my7qr
@ordinaryperson-my7qr Жыл бұрын
what else can they do tho?, just pop out of existence?, This is the lowest a country can go
@LexlutherVII
@LexlutherVII Жыл бұрын
also Somalia under anarchy they never had any inflation 😂
@beryalex1798
@beryalex1798 Жыл бұрын
i live there they are talking 99 fake we have land we grow what to eat our selfs and import metal and we do not give the world data...
@ThreeRunHomer
@ThreeRunHomer Жыл бұрын
It’s proof the majority of people everywhere just want to get on with their lives in peace. Disruption and violence are caused by a small number of idiots.
@TylerSolvestri
@TylerSolvestri Жыл бұрын
The money their citizens send from Sweden is also good for the economy
@bigsarge2085
@bigsarge2085 Жыл бұрын
Interesting.
@JosiahTaschuk
@JosiahTaschuk Жыл бұрын
Would be interested to see a video on Haiti.
@blumoogle2901
@blumoogle2901 Жыл бұрын
For a country like Somalia, it might actually have been quicker, easier, faster and more stable to literally start over with literal feudalism, a thousand small Lord's with local armies and very strong powers balanced against a king with strong powers, and aim for a parliament. You can think about Democracy after you have stability. This is even a situation where hard metal currency give more benifit than drawback, and with the inflation what it is, it's already mostly in a gold and silver equivalent economy anyway.
@user-dz4eb5rb3g
@user-dz4eb5rb3g Жыл бұрын
Eeew
@___Truth___
@___Truth___ Жыл бұрын
Somalis have always operated on a basis of basically confederalism, there's a deep cultural reason why there has never been anything akin to a "King of Somalis", and that is because even though Somalis are a unified tribe like how Somalis are one of the Major Tribes in Ethiopia, Somalis are stratified in terms of Clans, which are basically an organization of very large Somali families that are linked together by Ancestral Lineage and Ancestral Territory, Somali Clans deciding to come together are fundamentally the reason why Somalis have developing a Federal System now.
@lloydgush
@lloydgush Жыл бұрын
Isn't that what happened? I joke it's ancapstan, but it's more like feudalism.
@mohamedhussein4124
@mohamedhussein4124 Жыл бұрын
Hyena’s never a pet government shouldn’t get involved with people business one reason why 50 years old Americans peasant are homeless because they allow government to feed them.
@___Truth___
@___Truth___ Жыл бұрын
@@lloydgush The clans own the territory not something like feudal lords, the clan families don’t have a leader instead it’s actually something like a democracy where they come together to form a government that does their bidding.
@user-cc1so5tq2p
@user-cc1so5tq2p Жыл бұрын
Can you make a video on Bangladesh ?
@charliepayne4033
@charliepayne4033 Жыл бұрын
10:06 i love seeing headlines from the future
@lennystylercasts
@lennystylercasts Жыл бұрын
Cool that you ai generated your thumbnail, which Ai did you use and what was the prompt? Car looks clean and the guns is surprisingly not messed up
@igorthelight
@igorthelight Жыл бұрын
"Please tell me your secrets so I could do the same!" ;-)
@lordr1800
@lordr1800 Жыл бұрын
its funny, the dutch east india company seemed to operate with a similar principle in funding voyages. i imagine you made more at its height on this than anything else in somalia, which is sad.
@Brownyman
@Brownyman Жыл бұрын
Rojava in Syria and Cherån in Mexico are two other anarchist societies worth checking out.
@cardenas8995
@cardenas8995 Жыл бұрын
Those experiments of libertarian socialism have nothing to do with this failed african country
@americameinyourmouth9964
@americameinyourmouth9964 Жыл бұрын
5:55 Wrong. Siad Barre’s regime lost support and aid from the Soviet Union after the USSR sided with Ethiopia in the Ogaden War in 1977. Siad Barre had to turn to the IMF.
@robertsossi3186
@robertsossi3186 Жыл бұрын
I'm surprised this economics explained totally overlooked one of the main factors for Somali Economic growth: remittances.
@historybuff411
@historybuff411 Жыл бұрын
Apart from factual inaccuracies, nice vid
@dinty66
@dinty66 Жыл бұрын
Very sad, I've met some Somalis who've emigrated to Dublin & they seem mostly decent & friendly !!
@nocapnobs7845
@nocapnobs7845 Жыл бұрын
Andy, this guy pulled information from chatgpt an AI system and made a video for clicks and likes. I've reported this video for misinformation. People are going there in droves opening up restaurants, cafes, hotels, movie theatres, building condos and houses. There's entire housing projects going there daily and it is becoming an investment hub. This idiot is talking about Somalia from 2007 not 2023. Also we like the Irish because the Irish aren't operating black ops sites, torture chambers, stealing oil and gold in the north, subsidizing and dropping weapons in remote locations to so called "terr0r1sts" etc etc. that's the americans and your neighbors the old british stock. Yet, all they can do is steal oil and small quantities of gold lol they've been in there since 1991 causing havoc and they have nothing to show for it.
@AO00720
@AO00720 Жыл бұрын
Get off of your high horse.
@WR288
@WR288 Жыл бұрын
11:31 The pirates are smart enough to realise that cheating their investors means said investment will dry up when word spreads and they'll have to close shop.
@phizzhead53
@phizzhead53 Жыл бұрын
13:46 somila had one huge problem it has a lack of natrual resources.
@s.h8622
@s.h8622 Жыл бұрын
Not really, we have unexplored oil and other natural recources
@staninjapan07
@staninjapan07 Жыл бұрын
fascinating and surprising
@bengoacher4455
@bengoacher4455 Жыл бұрын
I don't know the geopolitical situation in Somalia, but given the rivalries between tribal groups, could Somalia even be considered one country? Are the borders drawn on a map by some British and Italian politicians relevant to the country as it is today? Inevitably the conflicts in Somalia are caused by tribal groups wanting to claim the whole country for themselves. But perhaps it would be better to break up Somalia into those groups, then monitor the cross border conflicts in the same way we did when Yugoslavia broke up and the Serbs tried to control everyone still. There are still issues with Serbs in the Balkans, but the economies of the Balkans have recovered massively since the open warfare of the 1990s.
@mohamedabdukadir3271
@mohamedabdukadir3271 Жыл бұрын
No, the current war is between the government and Alshabaab, the clan war was in 1991 and we ended it after realizing no clan is stronger than another thus we adopted federal system with clans managing their internal affairs in their respectives regions.
@003mohamud
@003mohamud Жыл бұрын
@@mohamedabdukadir3271 yup. It's honestly a terrible system that will no doubt create problems in the future like all other faction based governments born from war like Lebanon's and Bosnia's system. For now though, it maintains peace.
@Abshir1it1is
@Abshir1it1is Жыл бұрын
@@mohamedabdukadir3271 -- Isn't there a large clan war raging in the North as we speak?
@Abshir1it1is
@Abshir1it1is Жыл бұрын
Breaking up Somalia along clan lines is remarkably stupid as clans then further break down into subclans and subsubclans. All of which are as likely to war within and without the clan. Besides, clan borders will not be contiguous (because single clans are spread over wide areas, while multiple clans intermix in many areas), clan borders would not be static (because Somalis are a nomadic people and clan borders shift as wars and droughts make greener pastures attractive), and nobody wants foreigners "monitoring conflicts" between local clans and - if war is ever deemed necessary by local clans - would take extensive steps to keep meddling foreigners out of local affairs as they have done before and are doing literally right now. Besides, that the borders were drawn by foreigners is not a problem in the same way as they are in other African countries. They forced complete strangers and different cultures/religions/societies to form a single country together, but here, it's rather the opposite. Colonial borders cuts right through Somali lands and people, separating them into multiple countries. This too has been the source of major wars and a few genocides in years past.
@phobia7347
@phobia7347 Жыл бұрын
@@Abshir1it1is it’s not that devastating or maybe you’re referring to the Isaaqs shelling the dulbahante in las anod?
@LedHabel
@LedHabel Жыл бұрын
“Babe wake up, the new economics explained video just dropped”
@emceeboogieboots1608
@emceeboogieboots1608 Жыл бұрын
I just finished The Desert and the Sea on Michael Scott Moore's kidnapping. This is a timely video for me👍
@tylerhackner9731
@tylerhackner9731 Жыл бұрын
Interesting
@bondrewdbestdad
@bondrewdbestdad Жыл бұрын
Imagine having a government as inept as it is that the country prosper more in their absence
@The-Heart-Will-Testify
@The-Heart-Will-Testify Жыл бұрын
Humans don't have to have corrupt politicians, we give them too much power 😊
@shauncameron8390
@shauncameron8390 11 ай бұрын
@@The-Heart-Will-Testify Humans are every bit as corrupt. The politicians are just a reflection.
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