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For those unfamiliar with the resource curse [1] this isn't usually a ticket to victory. The largest proven oil reserve in the world isn't in Saudi Arabia, it's
by arcticbull 3y ago
For those unfamiliar with the resource curse [1] this isn't usually a ticket to victory. The largest proven oil reserve in the world isn't in Saudi Arabia, it's in Venezuela - the poorest country in the Americas.
What Norway deserves huge credit for is the way they manage their natural resources, and how they designed their sovereign wealth fund.
[1] https://en.wikipedia.org/wiki/Resource_curse https://en.wikipedia.org/wiki/Resource_curse
- Chris2048 3y agoBut didn't Venezuela explicitly kick out foreign oil corps, despite not having a sophisticated oil extraction industry itself?
- arcticbull 3y agoI believe that kind of behavior explicitly qualifies under 'resource curse.' Even if they hadn't, check out the 'enclave effects' section of the Wikipedia article. > "Oil production generally takes place in an economic enclave, meaning it has few direct effects on the rest of the economy." Venezuela is just one of many examples.
- hfkwer 3y agoVenezuela's poverty has as much to do with incompetent leadership as it has with the US embargo.
- arcticbull 3y agoWhich is also mentioned in the article -_- in the "Violence and Conflict" section. Note that oil-rich states are both the targets and instigators of conflict. For instance, Venezuela's recent conflict with Guyana after their recent discovery of oil. [1, 2] [1] https://apnews.com/article/venezuela-guyana-territorial-dispute-court-c84c5410e5658aa4541b17f09a461eb9 https://apnews.com/article/venezuela-guyana-territorial-disp... [2] https://apnews.com/article/guyana-oil-discovery-money-14c23a72c6d7c13675493ede42ed1000 https://apnews.com/article/guyana-oil-discovery-money-14c23a...