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“The resource curse” is what you’re looking for. There’s a lot of counter examples - Norway is the odd one out.

true_religion 1mo ago
Or even the USA historically. Pre 1900s, America was a country of continual economic crises, and fractured politics. It was sitting at the time in the latest supply of easily exploited natural resources in the world, yet somehow could not pay its troops pensions lost Civil war, could not keep its strategic oil supply from being raided by the executive branch corruption, and could not keep it plutocrats from directing military action for the sake of bananas of all things.
- givinguflac 1mo ago
  |Or even the USA historically. Pre 1900s, America was a country of continual economic crises, and fractured politics. Have you read about the US post-1900? I think you can leave off pre 1900s…
  - true_religion 1mo ago
    Yes but pre 1900s there were vastly more resources. The USA at some point had the lions share of the world’s easily exploitable oil.
_--__--__ 1mo ago
I think the resource curse didn't apply to Norway because they had an established post-industrial economy for hundreds of years before they got into oil exporting (they didn't even start drilling until the 1960s, 50 years after Venezuela or the Arab states).
- atombender 1mo ago
  While being an established post-industrial economy is part of it, Norway was also keenly aware of the resource curse at that point. The "Dutch disease" comes from what happened when the Dutch, a liberal democracy, found oil in the 1950s — just a little before Norway did. A lot is thanks to Farouk Al-Kasim [1], who helped develop the fundamental plan for Norway's petroleum industry. As far I know, his task group's plan, developed while at the Department of Industry, was essentially accepted wholesale by the government. Part of it was ensuring the government retained control, and another part of it was ensuring oil revenue was carefully managed rather than flooding every level of society and government. [1] https://archive.ph/lEYl7 https://archive.ph/lEYl7
- red-iron-pine 1mo ago
  yeah this is the big one, there was already a track record of natural resource windfalls messing stuff up well before the Norwegians started getting that $$$ this also means there weren't entrenched oil barons (or rail barons, or shipping barons, etc.) that already had massive regulatory capture and could sway the government and economy their way. greenfields, limited rent seeking, and knowledge of the risks -- sure enough it all went right

Or even the USA historically. Pre 1900s, America was a country of continual economic crises, and fractured politics. It was sitting at the time in the latest supply of easily exploited natural resources in the world, yet somehow could not pay its troops pensions lost Civil war, could not keep its strategic oil supply from being raided by the executive branch corruption, and could not keep it plutocrats from directing military action for the sake of bananas of all things.

givinguflac 1mo ago
|Or even the USA historically. Pre 1900s, America was a country of continual economic crises, and fractured politics. Have you read about the US post-1900? I think you can leave off pre 1900s…
- true_religion 1mo ago
  Yes but pre 1900s there were vastly more resources. The USA at some point had the lions share of the world’s easily exploitable oil.

_--__--__ 1mo ago

I think the resource curse didn't apply to Norway because they had an established post-industrial economy for hundreds of years before they got into oil exporting (they didn't even start drilling until the 1960s, 50 years after Venezuela or the Arab states).

atombender 1mo ago
While being an established post-industrial economy is part of it, Norway was also keenly aware of the resource curse at that point. The "Dutch disease" comes from what happened when the Dutch, a liberal democracy, found oil in the 1950s — just a little before Norway did. A lot is thanks to Farouk Al-Kasim [1], who helped develop the fundamental plan for Norway's petroleum industry. As far I know, his task group's plan, developed while at the Department of Industry, was essentially accepted wholesale by the government. Part of it was ensuring the government retained control, and another part of it was ensuring oil revenue was carefully managed rather than flooding every level of society and government. [1] https://archive.ph/lEYl7 https://archive.ph/lEYl7
red-iron-pine 1mo ago
yeah this is the big one, there was already a track record of natural resource windfalls messing stuff up well before the Norwegians started getting that $$$ this also means there weren't entrenched oil barons (or rail barons, or shipping barons, etc.) that already had massive regulatory capture and could sway the government and economy their way. greenfields, limited rent seeking, and knowledge of the risks -- sure enough it all went right