Adding to this discussion, I would like to point out that the natural resources of each country also play a role in determining each country's "level of richness". And note that what constitutes a "good" natural resource changes over time, e. g., a couple of centuries ago, oil was not as valuable as today, or during the Roman empire salt was quite expensive so much that it was used as payment (and it's the root of the word salary).
Moreover, there are also distinct types of capitalism, with different styles of state involvement.
As in everything in life, I believe that the optimum point lies between Socialism and Capitalism.
Moreover, there are also distinct types of capitalism, with different styles of state involvement.
As in everything in life, I believe that the optimum point lies between Socialism and Capitalism.