Luxembourg's Characteristics of Development

Luxembourg is a small nation sandwiched between France, Germany, and Belgium. First established in the 900s, Luxembourg had been independent up until the end of the 1400s when it experienced rule or occupation by the French, Austrians, Spanish, and Germans. After both World Wars, the nation was once again fully independent. Over these years Luxembourg has also lost the vast majority of its historical territory. Luxembourg never had colonies and was not a colonial power when all its neighbors were.  As for industrialization Luxembourg was a leader due to its close proximity to England and the Netherlands (first continental European power to industrialize). There is one fortune 500 corporations in Luxembourg ArcelorMittal, a metal company ranked as the 123rd in the world for Fortune 500s.  The main sources of production are finance, steel and tourism. Steel is the historical main source of economic growth in Luxembourg, yet the finance/banking sector is now the largest. A small agricultural sector is present as well. Additionally, the nation has close economic ties to the majority Europe through the EU, most importantly the two other Benelux nations of Belgium and the Netherlands. Finally the government of Luxembourg is representative democracy with a constitutional monarch. It is the only grand duchy left in the world. The head of state is the grand duke Henri Grand Duke of Luxembourg. All of these facts means that sustainability should be achievable in Luxembourg. However, one drawback may be that despite its small size and considerable wealth Luxembourg has the fifth highest debt in the world and the highest debt per capita at over $3.5 million and also the highest debt per GDP.  This large debt for such small nation could cause some barriers to the sustainable economic growth that could occur in the future.