@jonoahfranklin

Natural resource distribution does not determine economic development, but it significantly influences the starting point and development path.Resource-rich countries often enjoy short-term advantages (capital, export revenue), but long-term prosperity depends more on institutions, education, innovation, governance quality, and economic diversification.The "resource curse" phenomenon shows that many resource-abundant countries experience slower growth, more corruption, and greater inequality compared to resource-poor but institution-strong economies (e.g., Japan, South Korea, Singapore vs. Venezuela, Nigeria).Conclusion: Resources are a blessing only when combined with good institutions and policies; otherwise, they frequently become a curse.Related websites: https://www.nber.org/papers/w9486 https://www.imf.org/en/Publications/fandd/issues/2018/03/venables https://www.sciencedirect.com/science/article/pii/S0305750X1730346X https://ourworldindata.org/resource-curse

0 reply

0 recast

0 reaction