
How the World's Richest Country Lost 90% of its GDP
Economics Explained
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Phosphate Mining in Nairu
Australian island of Nairu was colonized by Germany in the early 20th century. It became a major phosphate mining site, with 80 million metric tons exported every year. During World War II, Japan invaded the island and spread terror on Nairusians. At the end of WWII, only 600 Nairusian survived. By 1968, independent Nairu had lost one third of its islands to mines.
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