Is the US falling victim to the resource curse?
Fossil-fuel production doesn’t necessarily crowd out manufacturing
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IT WOULD appear reasonable to expect that countries with huge natural-resource wealth – think oil, natural gas, minerals and even agriculture – would have a leg up on less-endowed countries.
Yet resource-rich countries in Africa, the Middle East and Latin America have often failed to achieve the prosperity that some resource-poor islands and peninsulas in East Asia have.
Now, some believe that this “resource curse” might be claiming a new and unlikely victim: the United States.
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