Governments in the Gulf Cooperation Council have used oil revenues to provide infrastructure to promote welfare, such as health care, education and public sector jobs, writes the author.
This working paper is part of a series titled “The Role of Foreign Direct Investment in Resource-Rich Regions.”
Venezuela is a textbook example of a resource-dependent country. Nevertheless, Venezuela currently combines an economy that is stagnant, despite high oil prices, with an increasingly authoritarian government.
Pedro L. Rodríguez, José R. Morales, Francisco J. MonaldiSeptember 30, 2012