Thirdworldization is the gradual and inevitable impoverishment of a rich country. It is the visible effect of major crises hitting square on the population, institutions, corporations, and even the government. It spreads insidiously in every aspect of daily life and our small circles.
Less growth means less wealth, less money circulating for everyone to take care of necessities and obligations. This shrinking economy brings all sorts of declines that affect services, infrastructure, the supply chain, institutions, and changing the population’s lives and routines.
The economy has a direct impact on the structure and foundation of social order. As an engineer, I tend to analyze structures and foundations by force of my work before assessing other factors. If those are in bad shape, the rest can’t be good. That holds true for a family, a company, a city, or a country.