Published in Nolanchart.com
A good economic system features selfish incentives for creative and hardworking people. It is a system where selfishness benefits both the producer and the consumer, since the latter is the final arbiter of what is sold, as "the consumer is king." Since a bad economic/political's economy will lack adequate incentives, its workers will not produce well.
Furthermore, in the good economic system endeavor to provide jobs for everyone, labor costs will not escalate, thus making prices competitive in world markets. Therefore, the economy will be competitive, and it will be able to import goods and services in sufficient quantities. The result will be that its people will continue to be rich.
Another problem with bad economic/political system is their lack of providing incentives to the people. It has been shown time and time again that people will not work hard when the product of their efforts mainly benefits others rather than themselves. People are selfish in this way. However, we know that we need the intellectual and physical labor of people in order to benefit the community.
If bad economic/ politicle system succeeds, the subsequent history of this beautiful world is likely to follow the history of many countries that adopted bad economic/political system for a while, only to reject them later, after their failures became obvious. The governments of many countries have adopted bad system as a strategy. All have failed.
To develop economically, one must have something worthwhile to sell to the people of other countries.
Therefore, we have to build an infrastructure including electric power, communications, water supply and transportation, as well as provide education. This takes time and money. Therefore, after some success, the people would continue to be rich.
Eventually, the general population would become so satisfied with good economic/political system. The people would be better off than before.