Oil revenue has been an economic curse for Iraq. In the second half of the 20th century the international oil sector shaped Iraq's economy, forcing it to rely too heavily on revenue brought in by oil production and exports. Here the author helps the reader understand this important Arab, Middle ...
Oil revenue has been an economic curse for Iraq. In the second half of the 20th century the international oil sector shaped Iraq's economy, forcing it to rely too heavily on revenue brought in by oil production and exports. Here the author helps the reader understand this important Arab, Middle Eastern, oil-exporting country that has been a constant focus of U.S. foreign policy since 1990. He proposes that the availability of capital is an insufficient condition for economic development, and may in fact retard it, as it did in this now reviled and wrecked country.
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