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
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".
@@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.
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
@@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
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.
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.
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
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!
@@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.
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.
@@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
@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
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.
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 :/
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.
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.
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.
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
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.
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.
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.
Exactly, it quickly became profitable seeing how quick the payouts were from insurance companies and worried families usually with billions of net worth.
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
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
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.
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.
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.
@Moonwalker007 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.
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.
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
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
@@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 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
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.
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!
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.
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
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.
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
"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.
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.
THE ACTUAL SOMALIA! ruclips.net/video/ZolzJaUySh8/видео.html ruclips.net/video/RBLr7UplJ9Q/видео.html ruclips.net/video/Rpitkx2rdCc/видео.html ruclips.net/video/tNEdPZCfxOs/видео.html ruclips.net/video/u5tdhCpUhpY/видео.html ruclips.net/video/HVcbjtYPQ8o/видео.html ruclips.net/video/dNRHFaF9Y8w/видео.html
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.
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.
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.
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...
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.
@ 2:56 The same guy said; "Internet's Effect on the World Economy Would Be 'No Greater Than the Fax Machine's'" - Paul Krugman,10th of June 1998 issue of Red Herring magazine
7:10 How does one get reliable data for key economic indicators when anarchy runs through the country? I think these figures should be taken with a pinch of salt
Im not surprised. Take boarding planes for example, our current "group x now boarding" is much slower than no control at all, everyone just randomly line up.
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.
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.
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.
@@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.
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.
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.
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!
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.
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
Hey you've made a great video but you should judge Somalia in their current situation instead of taking articles from the past decade and the people in the video was not Somalis and there is that other than that the video was greate, keep up the good work.
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…
This is, to say the least, the most quintessential example of a biased reporting. Twisted so much it makes you think that this dude might be talking about another country and he just mistook the name of the country he wanted to talk about for Somalia's name. It just boggles the mind how almost every clip & every picture in this video that is supposed to be from Somali is not from Somalia. Almost all the kids shown here are not Somali. Not only that, the impoverished cities shown throughout this video, none is from Somalia. For instance, take a look at 1:50, as you expected it is not Somalia. Ask any Somali who lived in the country for his entire life. The easiest giveaway is the sand. The kids shown at 7:58, not one of them is a Somali kid. Nada. Somalis are distinctive from other Africans, and these are just not Somalis. This dude went on the net looking for clips that show poor black kids and to paint his pic & further his agenda, he put the clips in this video as to indicate that these are Somalis. I'm baffled, but I shouldn't have been considering your partial & prejudiced covering of other anti western countries.
Sounds to me more like he just got saddled with some bad stock footage. I can't imagine their domestic film industry is picking up the slack any time soon.
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
Thank you for watching! You’ll be amazed at what you can do with GrammarlyGO. Sign up at grammarly.com/ee06 and get 20% off Grammarly Premium.
the vast majority of Taiwanese consider themselves part of the mainland. Its pretty much just the USA that is confused on the subject
I'm hoping Somaliland gets mentioned in this video.
Update: WOOOOOO!
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
Did you Just teased Poland video ?
Well, at least they aren't Lebanon...
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".
which was why I was puzzled when he said stock exchanges require “high-levels of regulation”
I was thinking about this for here in the UK too.
@@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.
As far as I knew the stock market was started in the Netherlands then but with the forecast of the Tulips harvests.
@@natel9019 no your wrong. It's was stocks in a voyage
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
This is incredibly important what you just said and should be never missed in video like this.
@@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
@@jareersmoker1721warya Ramadan Mubarak 🌙
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.
Yah ? Do you know how many *decades* Somalis have been tired of their shothole ? What has been done since then?;
You make some great content on insta
@@CxesarHe does?
English speaking?
@@m.hughmungus121 we have been investing and creating our own infrastructure. communities funding it themselves as well as factories and ports
@@akiim1532 investments return a profit, you realize this ?
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.
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
@@smeshcel3025 you can just somalia 🇸🇴
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
Sounds like paradise
It’s not a matter of how functional anarchy is but how dysfunctional governments can be.
Why not both? Limited government is a thing.
@@acctsys No, sadly its not. "Limited" government never lasts. That is due to human nature and the nature of government.
Anarchy is incredibly functional. Look it up. What it isn't good at at all is goose-stepping, international theft and mass violence.
@@Mythhammer I understand. Somalia on the other hand learned that lesson the hard way. They could take the straight path when they can.
Motivated individuals will self organize in many ways. Gov often inhibits that.
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!
Imagine a climate change denialist in Somalia.... amazing to think of stupidity as a western luxury.
In this much chaos, they have the time to think about climate change??!?!!
@@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.
@@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.
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.
Look at me, look at me I am the captain now
Haha so funny... not.
“Look at me I’m Swedish now” hahahaha!
@@Connor_Roush wish we never took in africans
Not funny
I am the economy now
Can you do Myanmar? It’s interesting how it’s historically been all over the place.
*Burma
Yeh, highlighting the rohingyan genocide would be of particular interest
@@beefjerkythesecond *myanmar
@@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
@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
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.
I second this request
Did it improve or get worse?
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 :/
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.
@@colehowe Nah, they don't need the help from the evil capitalists.
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.
No its clanism
What are you on about? He made several mistakes
You’re woefully confused about your own country if this was spot on to you.
@@minki46664 he’s Somali too.
@@minki46664 liibaan is a somali name so yeah, there's that...
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.
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.
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
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.
@@aaanawaleh there audience is Americans. Most Americans think Somalia is in the Carribbean because there's pirates there
@@AvoidTheCadaver until I saw this video, I knew nothing of the post battle of Mogadishu country
I am always interested EE content and hope he continues his great work
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.
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.
Exactly, it quickly became profitable seeing how quick the payouts were from insurance companies and worried families usually with billions of net worth.
Geraldton?
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
Yawn
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
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.
I‘ve heard about his quote about recently, but I didn‘t know his contributions to economics.
Israel has a constitution?
Israel doesn't have a constitution.
Not all nazi are bad people.
@@OzyTheLast it has a Basic Law.
Somalia actually uses mobile pay alot bc of cash is hard to get and not always worth a lot.
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.
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.
@@mohamedabdukadir3271 safer in what way? I personally thing it’s dangerous since it facilitate Al Shabaab
What currency do they generally use?
@@emceeboogieboots1608 USD
It is surprising to see Somalia is having a better functional economy than South Africa!
@Moonwalker007 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.
@@mesa9724 that's nonsense 😢 came muqdisho and you see your self
@@adamsaciid4919 I don’t need to and I don’t want to go to that shithole. Just look it up online lol.
@@mesa9724 from personal experience, that is definitely not true.
@@YungPickleDaSour Do you think your personal experience matters? There statistics online made by officials.
Somali is one of the most interesting current economies.
As bad as its situation is.
Its still very interesting.
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.
10:07 wow, you guys managed to print a story that wasn't published yet
Nice pick up😁
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.
“A small, diplomatic fortress”. Wow.
Wanna talk to the US? Come in here. Alone and unarmed.
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
Not the only country that has a diplomatic "fortress". Go visit the US Embassy in Istanbul.
@@RussellNelson
You’d think there was a risk of high explosives going off nearby or something. Lol.
I’ve been waiting for this one all my life.
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
Our economy is held together by ducktape.
With currently gov, i can really see reverting to the status from 1980
@@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.
Eastern Europe wouldn't have been where they are if it wasn't western Europe's taxpayers money 🤑
@@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
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.
I think you should do economics for Taliban, Hisballa and Hamas
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.
I was looking for this comment.
@@TheBFTsame
Could you do videos about southeast asia? starting alphabetically would be great! a region that are quite important yet barely talked about :)
Yeah, EE has been neglecting this region
The pirate stock exchange was epic. Initial Pirate Offerring. 😂
This channel always finds new ways to impress. Giving us headlines from 6 months in future!
Noticed that too and instantly searched for the comments :D
This channel is absolutely off the rails.
Best quality channel no doubt 🎉🎉❤❤
❤❤
The way you emphasize the last words in your sentences is interestiiiing
EconomeEeE
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!
I've learned so much from this video correcting my previous beliefs about Somalia. Thank you 🙏🏽
Some of the things they talk about are not true though
Don’t take this as somali Wikipedia 😂
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.
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
Please do not learn from this channel they are cookie cutting information
@@MaybeDay4 you should post some examples with sources to prove your point.
Man, that 9/10 on growth really carried Somalia on not being in the bottom spot.
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.
Somalia is our neighbour and is very peaceful. Stop this negativity from western media
Economics Explained ha burburto, it means it is a good channel ❤
❤
😂
Nacalaa shydan kuyaal😂😂😂
9:53 I am very impressed with EE's reporting. They're even able to pull articles from the future. (Dated 06/06/2023).
This is the first time I've heard someone saying Krugman is a respected economist
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
"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.
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.
Ya, everyone that knows Krugman knows that he is a clown!
13:46 somila had one huge problem it has a lack of natrual resources.
Not really, we have unexplored oil and other natural recources
Can you examine the Central African Republic?
Cars depreciate rapidly
This is your best video yet
Because it is all fiction you would think Disney put it together. I loved it, cute stories and plenty of lies.
Your next video should be about Belgium and how it fares with or without a government 😅
9:55 When your economics is so good that you get articles that haven't happened yet🎉
THE ACTUAL SOMALIA!
ruclips.net/video/ZolzJaUySh8/видео.html
ruclips.net/video/RBLr7UplJ9Q/видео.html
ruclips.net/video/Rpitkx2rdCc/видео.html
ruclips.net/video/tNEdPZCfxOs/видео.html
ruclips.net/video/u5tdhCpUhpY/видео.html
ruclips.net/video/HVcbjtYPQ8o/видео.html
ruclips.net/video/dNRHFaF9Y8w/видео.html
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
Somaliland is not “an unrecognised country in Somalia” it is a region of Somalia.
Sorry to break it to you, but Somaliland is even poorer, it only fairs well with stability.
A piece of a sececconist cell has another secessonist cell inside the (SSC), have a taste of craziness I guess.
It's a miracle that these kinds of countries sustain themselves for even a day.
what else can they do tho?, just pop out of existence?,
This is the lowest a country can go
also Somalia under anarchy they never had any inflation 😂
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...
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.
The money their citizens send from Sweden is also good for the economy
At minute10 you show a report from the OECD dated December 4, 2023. I want to know how you got your hands on that. 😊
Nice video, Economics Explained team!
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.
I think it’s clear that Somalia doesn’t need a government
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.
I would love to see what you have to say about peruvian stable currency, slow but steady growth and political chaos
“Cuddling internationally” 😂❤ 0:00
Please look into and do a video on the economy of BOTSWANA? I would like to see you rate it in your board.😅
9:58 Wow, an article from the future!
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...
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.
This does happen but not necessarily all the time. Sometimes a loss in population can push a society to collapse.
Great video!
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
@ 2:56 The same guy said; "Internet's Effect on the World Economy Would Be 'No Greater Than the Fax Machine's'" - Paul Krugman,10th of June 1998 issue of Red Herring magazine
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.
7:10 How does one get reliable data for key economic indicators when anarchy runs through the country? I think these figures should be taken with a pinch of salt
@econmics Explained, can you do a video of the Soviet Union Economy at its peak? It would be interesting to see.
Im not surprised. Take boarding planes for example, our current "group x now boarding" is much slower than no control at all, everyone just randomly line up.
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.
Eeew
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.
Isn't that what happened?
I joke it's ancapstan, but it's more like feudalism.
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.
@@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.
Can’t wait for the Poland economy video to come out!
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.
This is a good channel! Very informative!
Fun fact. There is million dollar real estate in Mogadishu.
Average modern apartment costs 350k dollars. 20km Outside of Mogadishu homes go for 70-160k dollars.
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.
“Babe wake up, the new economics explained video just dropped”
Hi! This is very excellent work for a country which was quite difficult to collect data from. Can you do one for Nigeria?
Looking forward to see the economy of kenya
10:06 i love seeing headlines from the future
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.
10:02 - The date is wrong. You can't possibly have a December 4th 2023 report available in June 2023.
Rojava in Syria and Cherån in Mexico are two other anarchist societies worth checking out.
Those experiments of libertarian socialism have nothing to do with this failed african country
Always interesting, thank you.
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!
How long ago was that?
it’s not in anarchy anymore it’s not the 1990s anymore
What do you mean by moving anarchy?
Somalia has a rich history and it wasn’t in chaos this whole time. There are lots of fascinating civilizations.
9:54 there's an article with December 4, 2023 date.
hey EE im not sure were you got the quote at 9:57 but im sure it was not made on december 4, 2023 since we haven't gotten there yet.
Give it time.
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.
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
This is a fascinating video on a country we don’t hear much about. Good job EE
Great episode, it's strange that most of the articles you quote round 10 years old though.
i wish more societies tried that instead of communism. At least it would make a more interesting timeline
Idk I’d rather them at least try communism so we could see how it interacts in contrast to capitalism.
Somalia was best when it was socialist.
Stateless, classless and moneyless. Communist countries don't exist since they call themselves a country
Neither is a livable situation.
Someone has to be in charge, and that someone needs to a decent job of it.
@@infidelheretic923 What happens if their aren't?
Nice use of an article from 6 months in the future in your video. @10:05 I assume it's 2022 instead.
its so weird that they don't use any actual footage from somalia but just random other african countries
Hey you've made a great video but you should judge Somalia in their current situation instead of taking articles from the past decade and the people in the video was not Somalis and there is that other than that the video was greate, keep up the good work.
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…
Very interesting!
This is, to say the least, the most quintessential example of a biased reporting. Twisted so much it makes you think that this dude might be talking about another country and he just mistook the name of the country he wanted to talk about for Somalia's name.
It just boggles the mind how almost every clip & every picture in this video that is supposed to be from Somali is not from Somalia. Almost all the kids shown here are not Somali. Not only that, the impoverished cities shown throughout this video, none is from Somalia. For instance, take a look at 1:50, as you expected it is not Somalia. Ask any Somali who lived in the country for his entire life. The easiest giveaway is the sand. The kids shown at 7:58, not one of them is a Somali kid. Nada. Somalis are distinctive from other Africans, and these are just not Somalis.
This dude went on the net looking for clips that show poor black kids and to paint his pic & further his agenda, he put the clips in this video as to indicate that these are Somalis. I'm baffled, but I shouldn't have been considering your partial & prejudiced covering of other anti western countries.
Amen.👍.
Sounds to me more like he just got saddled with some bad stock footage. I can't imagine their domestic film industry is picking up the slack any time soon.
4:43 You gave the TRNC the area in the south East after the blue line which is actually controlled by the Republic of Cyprus.
Haiti is probably more screwed than Somalia is right now.
Somalia is rising out of violent chaos. Haiti is falling into it.
Haiti is in the stage where somalia were in 1990s
Apart from factual inaccuracies, nice vid
Imagine having a government as inept as it is that the country prosper more in their absence
Humans don't have to have corrupt politicians, we give them too much power 😊
@@The-Heart-Will-Testify
Humans are every bit as corrupt. The politicians are just a reflection.
10:06 Has a typo, December 4, 2023 is in the future… @EconomicsExplained
Can you make a video on Bangladesh ?