In this presentation at Capitalism & Morality 2018, I discuss why much of the Third World is regressing toward a Malthusian equilibrium.

The presentation examines why Western institutions, technology, and aid have failed to produce lasting civilization in societies that lack the cultural foundations of reason, discipline, trust, and long-term thinking. Without these foundations, surplus is consumed, institutions are hollowed out, and political systems become vehicles for tribalism, corruption, and decay.

Watch the full presentation below:

Key Takeaways:

• Why much of the Third World is regressing toward a Malthusian equilibrium
• Why Western technology and institutions cannot sustain civilization without reason and moral discipline
• How tribalism, superstition, and short-term consumption destroy accumulated surplus
• Why democracy often accelerates decay in societies without the cultural foundations for liberty
• Why investors must understand civilizational and institutional failure before allocating capital in emerging markets