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The second stage is the boring one, where a country builds the institutions that turn money into productivity people can feel: procurement that works, projects that cost what they should, a public service that spends what it says it spent.
A country normally reaches the fifth stage carrying something out of the third and fourth: accumulated wealth, working institutions, a middle class deep enough to take a hit.
That is textbook fourth-stage behaviour: debt growing faster than the income to service it.
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