The protestant work ethic and a love of education are only a starting point. If they were the important part of generating wealth, India would be far richer than the UK, where most of the population are lazy and distrustful of education.

The real generators of wealth are the middle classes. It doesn't matter what the leaders or the workers do in any country. If the middle classes feel they can live a better life in Europe or North America, the country is stuffed.