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ABSTRACT: According to the theory of the resource curse, poor
countries with large endowments of natural resources, especially
oil, often do not achieve sustainable economic growth because
the size and volatility of oil revenues encourage corruption,
mismanagement, and authoritarian governments that fail to invest for
the future or provide for the well-being of the majority of their
populations. These are not consequences of resource riches per
se, however, but of the political conditions under which they are
exploited. Angola, a classic case of the resource curse, has experienced
corrupt and authoritarian government since independence
in 1975. Venezuela appears to have avoided the resource curse
under President Hugo Chávez. The concept of resource curse,
and accordingly its remedies, are multidimensional, encompassing
honest government, sound economic management, and public
welfare. The case of Venezuela shows that sound economic
management is not sufficient to overcome the resource curse; a
political and social revolution is required to serve the interests of
the population as a whole.
http://eslpasca.ipb.ac.id/pdf/The%20Resource%20Curse%20and%20Oil%20Revenues%20in%20Angola%20and%20Venezuela.pdf
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