What are some social
economic problems that exist for
microstates?

Because they are so small, and often so isolated, the world's microstates are very vulnerable to social, economic and environmental disturbances in the global system. Microstates are dangerously exposed to the vagaries of the global marketplace, including price shifts of their primary exports. Many face the threat of hurricanes, rising sea levels and global climate change. With scant educational and technical capacity, they are in danger of being left behind by a fast-evolving world. But microstates increasingly work together to address their common concerns, to plan joint action and to advocate for solutions to their special problems.

following type of cultural development caused people to want and buy new products on the market :

industrialization