One of These Islands Found Oil, The Other Got Rich

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hoser

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One of These Islands Found Oil, The Other Got Rich


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How Sao Tome (thought) it found a mineral jackpot, it ended up hurting the country. Cabo Verde proves that point.

Sources: https://pastebin.com/pTqcZcaQ

Read the paper here:…

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46 Comments

  1. this is why norway is genius it doesn't only focuses on oil and gas exports but also fishing wood products etc etc and all the revenue would go straight into the government's investment fund that'll fund their citizen's study thus creating jobs to every norwegians that in the future would pay their fair share of taxes creating literally infinite money glitch even if their petroleum resources would run out

  2. Oil isn’t exactly homogeneous because of sulfur content and it’s the refining process. Venezuela has some of the largest reserves but Texas has the purest oil content out there making Texas’ reserves much more desirable. Sweet Crude has made Texas the energy capital of the world where many other deposits have to ship it to Texas for refinement.

  3. Well, there used to be a lot of transferable knowledge in mining – like elevators and steel wire.

    The problem is that this well has dried up because we already figured out those things.

  4. THe notion that countries mostly living on oil exports somehow do worse due to "corruption" is this unprovable, unstestable liberal catch-all hypothesis used to explain everything and nothing. There is no immediately clear reason why a 'mono-exporter' would be more susceptible to corruption than a country with more advanced industry. At least none that you provide in the video. Whatmore the oil-rich countries you use as exemplification are very bad examples. Iran and Russia are both benefiting immensly from their oil/gas industries "corruption" or not.
    THis is just more classic, self-congratulatory pretense with little knowledge of modern economics or geopolitical trends. The very implication that oil rich island economies ought to be meaningfully comparable to, say, Russia or Iran is laughable.

  5. Norway is probably the best case study in how to handle oil and similar resources. But very few countries have the type of foresight, culture (including being already pretty good), and political mechanisms to do that. In fact I think it's really only Norway who has implemented it so well.

  6. man you ignore a crucial factor: Cape Verde and Sao Tome are populated by very different cultures, and thus come very different background. Man, black/African, cultures aren't equal at all. There are more difference between the sub-Saharan culture and the north (starting in the sahel) than there is between the Arabs and Europeans. You are wrong, it's not oil but culture. By the way Arab oil rich countries are considerably more developed than the sub-Saharan cultures oil rich countries. Skin color isn't a good indicator of the culture. What you are missing is that, wealth and poverty is rooted in the culture (and thus in deep history.

  7. "machine-heavy" doesn't describe all mining. Michael Ross at UCLA has done extensive work on rentier states, and oil is kind of on the extreme side of resource extraction in terms of its capital:labor input ratio.

  8. Strange you don't mention Norway. We have only good experience with oil. And we are among the richest countries in the world by now. Oh, and by the way: The UK managed the same resources very badly: Margareth Thatcher, I mean! Oh, and Tanzania has also managed its fossil gas resources ver well!