Resource Curse Phenomenon
Discussions focus on the 'resource curse,' where abundant natural resources like oil lead to economic underdevelopment, lack of diversification, corruption, and political instability in countries such as Venezuela, Russia, and Saudi Arabia. Debates contrast this with examples like Norway and attribute issues to factors beyond socialism, including Dutch Disease.
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It's called resource curse: https://en.wikipedia.org/wiki/Resource_curse
Some blame socialism, others blame this:https://en.m.wikipedia.org/wiki/Resource_curse
Resource curse? https://en.wikipedia.org/wiki/Resource_curse
More to do with Dutch Disease than socialism. https://en.wikipedia.org/wiki/Resource_curse#Dutch_disease
relevant:http://en.wikipedia.org/wiki/Resource_curse
You don't have to open the can of worms. Resource curse is a recognized phenomenon.https://en.wikipedia.org/wiki/Resource_curse
Venezuela has almost totally collapsed under Chavez-Maduro's "socialism".Russia is a kleptocracy of Putin and his inner circles of billionaires.The US economy has seen a fairly significant boost from shale gas and fracking.Better counter-examples than those 3 would be Saudi Arabia and (to a lesser extent) Nigeria. And yes, as those 2 demonstrate it's not that simple, it's easy to fall prey to "the resource curse" aka "Dutch disease": <a href=
Why? Because of the Resource Curse.http://en.wikipedia.org/wiki/Resource_curse
western economists unironically call it the resource curse: https://en.wikipedia.org/wiki/Resource_curseexamples include Saudi Arabia, Norway and Alaska. Oh no wait bad examples.
Russia and Venezuella never diversified their economy which made them highly reliable on oil industry, promoted corruption/populism politics and backfired badly when oil prices dropped.