Escaping the Oil Curse
Economists and other development specialists know why oil riches so often turn out to be a curse for countries. But they also know that political leaders have free will, and that countries can choose to use their resource bonanzas for the long-term economic advancement of their peoples.
CAMBRIDGE – Libyans have a new lease on life, a feeling that, at long last, they are the masters of their own fate. Perhaps Iraqis, after a decade of warfare, feel the same way. Both countries are oil producers, and there is widespread expectation among their citizens that that wealth will be a big advantage in rebuilding their societies.