RE: Crumbling Global Crude Oil Price: Is Nigeria On the Verge of Another Economic Recession?
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Don't hate me, I'm just thinking loud. That's also a must for Venezuelans:
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Resource curse
The resource curse, also known as the paradox of plenty, refers to the paradox that countries with an abundance of natural resources (such as fossil fuels and certain minerals), tend to have less economic growth, less democracy, and worse development outcomes than countries with fewer natural resources. There are many theories and much academic debate about the reasons for, and exceptions to, these adverse outcomes. Most experts believe the resource curse is not universal or inevitable, but affects certain types of countries or regions under certain conditions.
Hahaha thanks for sharing the link above. The resource curse thesis is remarkably influential and very much true in the case of Nigeria. Thanks.