Liberia is an example of a failed economy, so examining what went wrong can be used as an example in the exam.
First is corruption. The government took over and let war and chaos reign. They also took over land that was used for agriculture and gave it to war lords whom did not use it efficiently, hurting the main export of the economy.
Because the main focus of the people of the economy was war, there are may social barriers. People are not inclined to save or invest, as there is a good chance they wont survive to use it. Instead, they will spend money on immediate gratification goods or weapons to improve their chances for survival.
Education is also lacking, as can be seen by ignorant practices like war and cannibalism. Education may help not only create a better work force, but may improve cultural barriers to growth as well