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The Monte Carlo Casino was a traditional revenue source before Rainier shifted the economy towards..?

  • Tourism

  • Banking

  • Tax haven

  • Technology

Answer

The Principality of Monaco heavily relied on the Monte Carlo Casino as its main source of revenue. However, Prince Rainier III recognized the need to diversify the economy and implemented a strategic shift towards becoming a tax haven. This transformation involved creating a business-friendly environment with low taxes and favorable regulations, which attracted numerous businesses and wealthy individuals, ultimately leading to economic growth and prosperity beyond gambling revenue.
Monaco's Magnificent Monarch: The Reign of Rainier III Quiz

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