Oil & Gas Turning Poor Countries Into Economic Miracles

No, it’s not. When a country exploits what it finds under its soil, money comes in so governments get cash they can spend, which in turn often puts some oomph into the local economy. But remove the cash from resource extraction, and those economies falter faster than you can say drilling rig. True economic miracles are created when countries turn to their populations and allow them the basic economic freedom to create wealth. The true resource to exploit is the population of the country, not the subsoil. Once a country figures out how to exploit the population’s entrepreneurial zest, wealth becomes a lot more durable. 

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