You may have heard of what economists call the “resource curse.”
- If you haven’t: the resource curse is a paradoxical problem for poor countries that are rich in minerals or oil.
Despite their seeming bounty, those countries often wind up behind their neighbors and beset with political strife.
Why?
Why?
- The quickest way for smart or powerful people in asset-rich countries to get rich is by getting their share.
- As leaders or bureaucrats, they can do so by demanding bribes from the companies extracting the oil or gold...
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