Some good news for a change! In a recent article, the Christian Science Monitor Editorial Board writes that “Like the receding tide, the fall in oil prices has exposed which commodity-rich nations have learned how to avoid the so-called resource curse and which have not. Countries such as Norway and Bolivia have effectively sidestepped many of the pitfalls of easy resource wealth, such as corruption, reckless spending, or autocratic rule.”
The editorial goes on to say “The price fall [of oil] is forcing wealthier nations with large oil reserves, such as Canada, Australia, and the United States, to focus more on sustainable industries for growth.” Let’s keep our fingers crossed!