Oil Is a Curse For Poor Countries

Moisés Naím, Financial Times | August 20, 2009

"Poor but resource-rich countries tend to be underdeveloped not despite of their hydrocarbon and mineral riches but because of their resource wealth." ++ Thus, oil, gold, diamonds and other natural resources make a country poorer. ++ Counterexamples to this rule, like Norway and the US, show the misery inducing consequences of natural resources can only be avoided by "democracy, transparency and effective public institutions that are responsive to citizens." ++ This insight should be considered in international development policies.