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Analyzing Economies Round 3: Middle East, Africa, South America, and North America
"Econ 102" with Noah Smith and Erik Torenberg
Resource Dependency Breeds Turmoil
Resource nationalism emerged in Africa as a response to foreign exploitation of natural resources at low prices, promoting national control over valuable assets. However, economies reliant on these resources often face political instability due to a lack of diversified development. The focus on extracting resources requires minimal human capital and education, leading to a concentration of power among a few. This creates a 'resource curse,' where internal power struggles dominate, resulting in systemic issues that overlook the well-being of the populace.
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