NPR Planet Money: “Norway Has Advice For Libya”
The concept of the “resource course” is a key concept in political economy. It marks the paradox that countries that have a significant resource (oil or other very expensive commodities) tends to ruin domestic economies—and tend to coincide with authoritarian regimes. Who did Norway escape this curse? Does it have any lessons for other countries?
An interesting podcast, to be sure. But … it doesn’t pay careful attention to one key detail: Norway was a consolidated democracy before it discovered oil. I’m not sure how easily those lessons will translate to a country that finds oil before it attempts to become a democracy.