The fact that many resource rich countries have been left underdeveloped provides substantial reasons for advocates of the idea of resource curse.
The fact that many resource rich countries have been left underdeveloped provides substantial reasons for advocates of the idea of resource curse. This view maintains that nations bestowed with natural resources tend to rely on these blessings and keep themselves enjoying an easy life while avoiding any attempt to pull themselves up and depict a brighter future perspective for their next generations.
The main causes of such a phenomenon have been ignored, however. Due to their vast reservoir of endowments most of these countries have long been colonized and their wealth looted. Examples can be easily found among some African and Asian nations. The invaders not only looted the resources, but also kept the people unaware of what was happening to their nation. Most European cities were using natural gas long before the people in origin countries knew anything about it. It took time for these people to come to a full understanding of the blessings offered to them by nature. The second and equally important factor is the despotic regimes and dictators who ruled the countries. Principles of independence and democracy were both absent, magnifying the intensity of backwardness.
Yet, it is never late. Growing awareness among people in developing countries and unlimited contact with outside world translate into better perspectives. People are increasingly aware of the need to elect efficient and knowledgeable leaders who can allocate the resources to value-adding activities. This is not the time to export raw materials and let others reap the true benefits. Public awareness can also monitor the ways resources are spent; therefore, policy-makers are obliged to take extra care while designing their plans. The mixture of efficient leaders, conscious nation, and sound policies will institutionalize the objective of consistent growth. Resources, once believed to be a curse, now transform into blessings; a change from negative to positive.