Sad Economist story about a once beautiful Pacific Island.
Unlike many small, remote Pacific islands, Nauru possesses a valuable commodity, phosphate, a sought-after fertiliser ingredient. A high-grade supply was discovered in 1900. For a brief, heady moment in the 1970s, Nauruans were, astonishingly, among the richest people on earth. Now they are poverty-stricken, unhealthy and look set to be clobbered by international trade sanctions. The story of Nauru's descent from prosperity to penury is one of the most cautionary tales of modern development.
