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That’s actually completely not true at all and resource-rich countries actually tend to underperform (by getting trapped in an economy that only does one thing
by paulmd 3y ago
That’s actually completely not true at all and resource-rich countries actually tend to underperform (by getting trapped in an economy that only does one thing and when that resource disappears it’s gone).
https://en.m.wikipedia.org/wiki/Resource_curse https://en.m.wikipedia.org/wiki/Resource_curse
You can even see shades of this now with Russia… what is going to happen when the gas runs out, or if western countries block international trade of their gas (as they attempted to do recently)? Nothing good.
- worrycue 3y agoI’m not saying oil rich countries necessarily have strong diverse economies. I’m saying that they do OK regardless of their political/economic system. Saudi Arabia and Russia has been trucking along all these decades despite their less than ideal economies all thanks to oil.