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SA's economy is -AFAIK- mostly / completely dependent on natural ressources. Given that SPOF, one can't help but think of the IRA's threat to Margaret Thatcher

SA's economy is -AFAIK- mostly / completely dependent on natural ressources. Given that SPOF, one can't help but think of the IRA's threat to Margaret Thatcher : "[...] we only have to be lucky once – you will have to be lucky always."

reaperducer 7y ago
It's been trying to both diversify and privatize, but progress is very very slow. Probably fear of instability, IMO. "The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings." https://www.cia.gov/library/publications/the-world-factbook/geos/sa.html https://www.cia.gov/library/publications/the-world-factbook/... Anecdotally, I met far more Saudis when I lived in Seattle than I did when I lived in Houston. I wonder if that was part of the diversification effort.
- fmajid 7y ago
  The Saudis don't need to go to Houston to learn about petroleum. Their domestic universities are world-class on the subject, for obvious reasons.
  - reaperducer 7y ago
    I don't recall stating that they were going to Houston to learn about petroleum. There are plenty of other reasons most of the world's major energy companies have their North American headquarters in Houston.
    - selimthegrim 7y ago
      Speaking of diversification, what’s Houston’s plan?
      - reaperducer 7y ago
        From an outsider's perspective, it seems to be more robust than some other cities. It went from being an oil town to an energy town a few decades ago. It has massive investments in the medical sector, with 60 institutions generating $25 billion annually.† That's bigger than the GDP of Iceland coming out of just one neighborhood. NASA Mission Control is still there, and it's the headquarters of NASA's manned spaceflight programs. Though I know there was disappointment that a lot of the Mars stuff went to Alabama. Shipping has been huge there since the early 1900's. It's the #1 port in America for foreign cargo, #2 in overall cargo, and #16 in the world.†† The Port of Houston also added a cruise ship terminal that seems busy. I know insurance was becoming a large sector there at one time, but I haven't looked into it lately. One thing it never really got a handle on was tourism. I think that's because it has a lot more locally-born residents than many large American cities, so it's very inward-looking. But even that is growing. The museums alone logged something like seven million visitors last year. Overall, it seems to be doing well. To put it in perspective, New York is the only city in America with more Fortune 500 headquarters. The only thing Houston has to worry about is hurricanes. † https://en.wikipedia.org/wiki/Texas_Medical_Center https://en.wikipedia.org/wiki/Texas_Medical_Center †† https://en.wikipedia.org/wiki/Port_of_Houston https://en.wikipedia.org/wiki/Port_of_Houston
        selimthegrim 7y ago
        Just leery about their tech scene if I were to take a job there
kingofpandora 7y ago
Or Kissinger's aphorism that (I'm paraphrasing a bit here), "the military loses if it doesn't win, while the rebels win if they don't lose."
- zipwitch 7y ago
  There's a relevant Latin quote from the era of the Punic Wars (if I recall correctly), Qui vincit non est victor nisi victus fatebur - "The victor is not victorious if the vanquished does not consider himself so."

reaperducer 7y ago

It's been trying to both diversify and privatize, but progress is very very slow. Probably fear of instability, IMO. "The petroleum sector accounts for roughly 87% of budget revenues, 42% of GDP, and 90% of export earnings." https://www.cia.gov/library/publications/the-world-factbook/geos/sa.html https://www.cia.gov/library/publications/the-world-factbook/... Anecdotally, I met far more Saudis when I lived in Seattle than I did when I lived in Houston. I wonder if that was part of the diversification effort.

fmajid 7y ago
The Saudis don't need to go to Houston to learn about petroleum. Their domestic universities are world-class on the subject, for obvious reasons.
- reaperducer 7y ago
  I don't recall stating that they were going to Houston to learn about petroleum. There are plenty of other reasons most of the world's major energy companies have their North American headquarters in Houston.
  - selimthegrim 7y ago
    Speaking of diversification, what’s Houston’s plan?
    - reaperducer 7y ago
      From an outsider's perspective, it seems to be more robust than some other cities. It went from being an oil town to an energy town a few decades ago. It has massive investments in the medical sector, with 60 institutions generating $25 billion annually.† That's bigger than the GDP of Iceland coming out of just one neighborhood. NASA Mission Control is still there, and it's the headquarters of NASA's manned spaceflight programs. Though I know there was disappointment that a lot of the Mars stuff went to Alabama. Shipping has been huge there since the early 1900's. It's the #1 port in America for foreign cargo, #2 in overall cargo, and #16 in the world.†† The Port of Houston also added a cruise ship terminal that seems busy. I know insurance was becoming a large sector there at one time, but I haven't looked into it lately. One thing it never really got a handle on was tourism. I think that's because it has a lot more locally-born residents than many large American cities, so it's very inward-looking. But even that is growing. The museums alone logged something like seven million visitors last year. Overall, it seems to be doing well. To put it in perspective, New York is the only city in America with more Fortune 500 headquarters. The only thing Houston has to worry about is hurricanes. † https://en.wikipedia.org/wiki/Texas_Medical_Center https://en.wikipedia.org/wiki/Texas_Medical_Center †† https://en.wikipedia.org/wiki/Port_of_Houston https://en.wikipedia.org/wiki/Port_of_Houston
      - selimthegrim 7y ago
        Just leery about their tech scene if I were to take a job there

kingofpandora 7y ago

Or Kissinger's aphorism that (I'm paraphrasing a bit here), "the military loses if it doesn't win, while the rebels win if they don't lose."

zipwitch 7y ago
There's a relevant Latin quote from the era of the Punic Wars (if I recall correctly), Qui vincit non est victor nisi victus fatebur - "The victor is not victorious if the vanquished does not consider himself so."