They morphed into cartels and monopolizes. Corporations began to emerge around this time.
C is correct, the charter is an unwritten but binding document
Economic development is able to continue in the absence of the resources that first drove it because:
- Countries can trade to get the resources
- Economic development allows for diversification
When a nation is unable to access the resources that made it quite successful, it can resort to buying that resource and then improving on it.
For instance, the U.K. used to produce sufficient coal but now import more than they produce.
Another way a nation can continue developing is diversification. The income gained from the resource that has now finished, will enable a nation to go into other economic activities which will continue their development.
For example, China used to export only agricultural goods but diversified into industrial.
In conclusion, a country can keep developing if their primary resource is finished thanks to trade and diversification.
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