Featured Publication: The Oil Curse: How Petroleum Wealth Shapes the Development of Nations
The Oil Curse: How Petroleum Wealth Shapes the Development of Nations

Named an "Outstanding Academic Title" of the year by Choice magazine -- among other honors -- "The Oil Curse" describes how, worldwide, nations rich in petroleum have less democracy, less economic stability, and more frequent civil wars than countries without oil. What explains all this?  Prof. Ross traces this "oil curse" to the upheaval of the 1970s, when oil prices soared and governments across the developing world seized control of their countries' oil industries. Before nationalization, oil-rich countries looked much like the rest of the world; today, they are 50 percent more likely to be ruled by autocrats. Warning that the "curse" may soon spread to other nations looking to drill more, the author nevertheless offers advice for turning such newfound mineral wealth into a blessing.

 

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