In order to do those 2 things a nation needs pre-existing wealth. To develop value-added products or to provide resource-free services. It's the same for individuals too. You could get even richer, even quicker, if you already have a lot of money. Whether from capital interest or business development. The idea of modern class mobility is false. Most will die in the class they were born
It's not false, it's measurable. Class mobility is a quantum which can be studied, and there are many reports on its extent, and increase or decrease, in various countries at various times.
Not exactly. You can borrow the money if you don't have it. That is how leveraged buy-outs work. Get a load of managers who have no money, but who can convince some banks they know what they are doing. The banks give them the cash, the company makes some money, they reimburse the banks (or just sell the company on). Hey presto, you've just become rich without having any money to begin with. It's not an easy trick to pull off, or we'd all be doing it.
A classic example of which was the MG Rover buy out by Phoenix. Phoenix bought MG Rover for a song, ran it for several years whilst paying themselves huge salaries, some of the highest in the industry, then the company collapsed owing £1.4 billion.
I'm a time served manual machinist / toolmaker. I got out if it four years ago because there is absolutely no work in it at all. Frankly it's the best decision I have ever made, I make twice as much now for half the hours.
