A TRENDING topic amongst foreign policy wonks as of late is that of the “resource curse.”
The theory, which has it that nations which are “blessed” with an abundance of natural resources (oil is the paramount example) end up plagued by poor governance, rampant corruption, etc., was first popularized in the 1990s and early 2000s.
It has reappeared as a point of debate in light of the potential sub-Saharan Africa oil boom, even garnering a lengthy discussion in a recent Foreign Affairs article.
While there is no absolute definition of the resource curse, common themes do exist, such as ineffective governance, lack of economic diversification, underdevelopment, revenue volatility, and excessive borrowing. read more...
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