How an Economy Grows and Why It Crashes

H O W   A N   E C O N O M Y   G R O W S   A N D   W H Y   I T   C R A S H E S
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Every now and then the island would be invaded by the 
Bongobians, who in addition to being great drummers were 
also fi erce plunderers. When the Bongobians got their mojos 
working, no saved fi sh were safe.  
It was evident that the islanders needed to band together 
for mutual protection and security. They needed some 
leadership. But handing out power is always a risky business. 
Once given, power is almost always abused.
After experimenting with a variety of vainglorious chieftains 
and other losers, the islanders decided to put together a 
government that would be accountable to the people and 
would be limited in its ability to take away the freedoms that 
had brought the island its prosperity in the fi rst place. It was 
decided that the islanders would elect 12 senators, including 
a senator-in-chief with executive authority. 

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