Oil Wealth and the Middle East
July 16th, 2008 by Adam
Kenneth Pollack at the International Herald Tribune has an interesting article on how Middle East nations have failed to utilize their immense oil wealth to improve their societies. Even though nations are investing more oil revenue domestically than in the past, Pollack says, “much of the money is being re-invested in projects intended to produce quick profits for investors rather than long-term political and economic gains.” According to Pollack, without oil revenue being used to address structural economic reforms, the massive infusion of wealth could exacerbate many nations’ social imbalance, fostering instability and driving citizens into the arms of extremists.
Posted in Oil, Reform |
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