The Resource Curse and Ways to Solve it (Using the Example of Venezuela)
Keywords:
Resource curse, paradox of abundance, stabilization fundAbstract
This article examines the impact of excessive dependence of the national economy on oil exports, using Venezuela as an example, which has the world's largest proven oil reserves. The study explores the issue of the "resource curse" and its consequences, such as economic decline, high unemployment, corruption, and social instability. As an alternative, the successful experience of Norway is presented, where the use of a stabilization fund effectively manages oil revenues, contributing to sustainable economic development and overcoming the "paradox of plenty."
References
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