Question

The natural resources of different countries have become a subject of controversy. During the past three decades, experimental results illustrate that most countries with significant natural resources have not performed well in terms of economic development, whereas a considerable number of countries that have achieved sustainable growth and development possess few resources. The resource-dependent economies of Africa, Latin America and the Middle East, on the one hand, and Japan, Singapore and South East Asia on the other are cases in point. Why do you think this is the case? Is it just a correlation, or are there some reasons for their economic failures?

          The natural resources of different countries have become a subject of controversy. During the past three decades, experimental results illustrate that most countries with significant natural resources have not performed well in terms of economic development, whereas a considerable number of countries that have achieved sustainable growth and development possess few resources. The resource-dependent economies of Africa, Latin America and the Middle East, on the one hand, and Japan, Singapore and South East Asia on the other are cases in point.

Why do you think this is the case? Is it just a correlation, or are there some reasons for their economic failures?

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