Rather than generating peace and prosperity, the presence of mineral and oil wealth in countries that have been poor often leads to political conflict, corruption, and, in extreme cases, civil war. While Venezuela remains a very divided country, it didn’t fall to those depths. But with some estimates now showing Venezuela harboring bigger oil reserves than Saudi Arabia, the question of how to manage its immensely valuable natural resources may well cause even more intense conflict in the years ahead.
John Cassidy considers the future for Venezuela’s natural resources and how it will effect the country’s economy: http://nyr.kr/15yIaWO
Photograph of Hugo Chávez, in Caracas, in 2006, by Andrew Cutraro/Redux.