Although I suspect what he is saying is a factor, to say it is THE reason is a major oversimplification. You have to examine a whole host of things. For inst

Although I suspect what he is saying is a factor, to say it is THE reason is a major oversimplification. You have to examine a whole host of things. For instance, geography/natural resource endowments have to be taken into account. Just look at Saudi Arabia. It is a country where a few do really well but compared to other developing countries it is doing pretty well as a whole, all because it has large oil deposits.