The places that finance forgot
Countries fall off the global financial grid for a host of reasons: political obtuseness, lack of sovereign recognition, the departure of correspondent banking relationships, even Ebola. But we make a mistake if we think of these places as distant and uninteresting curios
Why should you care about the places that finance forgot? There are more reasons than you might think.
As a general rule, nothing good comes from a place falling off the financial map. Most obviously it’s bad for the people who live in that place, who lose access to everything from credit to cash to essential imports. But it’s not good for the rest of the world either.
To take the most brazen example, North Korea’s slippage from the interconnected world order has not worked out well for anyone, and certainly not for global security. Venezuela’s descent hasn’t helped the world either. And we would argue – although others, certainly Donald Trump, would disagree – that scrapping the deal that would have brought Iran back into the fold was a step backwards, economically and geopolitically.