The tiny island nation of Nauru, an eight-square-mile speck of land in the middle of the Pacific Ocean, was once one of the richest countries in the world, with a phosphate industry accounting for 80% of its economy. But around the year 2000, everything changed. The phosphate that had enabled many to live in affluence at home, buy houses abroad and send their children to expensive boarding schools was running out. The island needed to reinvent itself urgently. (by Vlad Sokhin)