Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Natural resources: A blessing or a curse for nations?-Joseph E Stiglitz    </title>
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New discoveries of natural resources in several African countries - including Ghana, Uganda, Tanzania, and Mozambique - raise an important question: will these windfalls be a blessing that brings prosperity and hope, or a political and economic curse,..."/>
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                            <div style="text-align: justify">-The Economic Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">New discoveries of natural resources in several African countries - including Ghana, Uganda, Tanzania, and Mozambique - raise an important question: will these windfalls be a blessing that brings prosperity and hope, or a political and economic curse, as has been the case in so many countries?</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On average, resource-rich countries have done even more poorly than countries without resources. They have grown more slowly, and with greater inequality - just the opposite of what one would expect. After all, taxing natural resources at high rates will not cause them to disappear, which means that countries whose major source of revenue is natural resources can use them to finance education, healthcare, development and redistribution.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A large literature in economics and political science has developed to explain this 'resource curse', and civil society groups have been established to try to counter it.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Three of the curse's economic ingredients are well known. One, resource-rich countries tend to have strong currencies, which impede other exports. Two, because resource extraction often entails little job creation, unemployment rises. Three, volatile resource prices cause growth to be unstable, aided by international banks that rush in when commodity prices are high and rush out in downturns, reflecting the time-honoured principle that bankers lend only to those who do not need their money.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Moreover, resource-rich countries often do not pursue sustainable growth strategies. They fail to recognise that if they do not reinvest their resource wealth into productive investments, they are actually becoming poorer. Political dysfunction exacerbates the problem, as conflict over access to resource rents gives rise to corrupt and undemocratic governments.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are well-known antidotes to each of these problems: a low exchange rate, a stabilisation fund, careful investment of resource revenues, a ban on borrowing and transparency. But these measures, while necessary, are insufficient. Newly-enriched countries need to take several more steps in order to increase the likelihood of a resource blessing.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">First, these countries must ensure that their citizens get the full value of the resources. There is an unavoidable conflict of interest between (usually foreign) natural-resource companies and host countries: the former want to minimise what they pay, while the latter need to maximise it. Well-designed, competitive auctions can generate much more revenue than sweetheart deals. Contracts, too, should be transparent and should ensure that if prices soar, the windfall gain does not go only to the company.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Unfortunately, many countries have already signed bad contracts that give a disproportionate share of the resources' value to foreign companies. There is a simple answer: renegotiate. If that is impossible, impose a windfall-profit tax.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All over the world, countries have been doing this. Of course, natural-resource companies will push back, emphasise the sanctity of contracts and threaten to leave. But the outcome is typically otherwise. A fair renegotiation can be the basis of a better long-term relationship.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Botswana's renegotiations of such contracts laid the foundations of its remarkable growth for the last four decades. Moreover, it is not only developing countries such as Bolivia and Venezuela that renegotiate; developed countries like Israel and Australia have done so as well. Even the US has imposed a windfall-profits tax.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The money gained through natural resources must be used to promote development. The old colonial powers regarded Africa simply as a place from which to extract resources. Some of the new purchasers have a similar attitude.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Infrastructure like roads, railroads and ports has been built with one goal in mind: getting the resources out of the country at as low a price as possible, with no effort to process the resources in the country, let alone to develop local industries based on them.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Of course, today, these countries may not have a comparative advantage in many of these activities, and some will argue that countries should stick to their strengths. From this perspective, these countries' comparative advantage is having other countries exploit their resources.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">That is wrong. What matters is dynamic comparative advantage, or comparative advantage in the long run, which can be shaped. Forty years ago, South Korea had a comparative advantage in growing rice. Had it stuck to that strength, it would not be the industrial giant that it is today. It might be the world's most efficient rice grower, but it would still be poor.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Companies will tell Ghana, Uganda, Tanzania and Mozambique to act quickly, but there is good reason for them to move more deliberately. The resources will not disappear, and commodity prices have been rising. Meanwhile, these countries can put in place the institutions, policies and laws needed to ensure that the resources benefit all of their citizens. Resources should be a blessing, not a curse.</div><div style="text-align: justify"><br /></div><div style="text-align: justify"><em>(The author is a professor of economics at Columbia University)</em></div><div style="text-align: justify"><br /></div>                                                           
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    <h1 class="cat-box-title">Natural resources: A blessing or a curse for nations?-Joseph E Stiglitz</h1>
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                            <div style="text-align: justify">-The Economic Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">New discoveries of natural resources in several African countries - including Ghana, Uganda, Tanzania, and Mozambique - raise an important question: will these windfalls be a blessing that brings prosperity and hope, or a political and economic curse, as has been the case in so many countries?</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On average, resource-rich countries have done even more poorly than countries without resources. They have grown more slowly, and with greater inequality - just the opposite of what one would expect. After all, taxing natural resources at high rates will not cause them to disappear, which means that countries whose major source of revenue is natural resources can use them to finance education, healthcare, development and redistribution.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A large literature in economics and political science has developed to explain this 'resource curse', and civil society groups have been established to try to counter it.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Three of the curse's economic ingredients are well known. One, resource-rich countries tend to have strong currencies, which impede other exports. Two, because resource extraction often entails little job creation, unemployment rises. Three, volatile resource prices cause growth to be unstable, aided by international banks that rush in when commodity prices are high and rush out in downturns, reflecting the time-honoured principle that bankers lend only to those who do not need their money.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Moreover, resource-rich countries often do not pursue sustainable growth strategies. They fail to recognise that if they do not reinvest their resource wealth into productive investments, they are actually becoming poorer. Political dysfunction exacerbates the problem, as conflict over access to resource rents gives rise to corrupt and undemocratic governments.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are well-known antidotes to each of these problems: a low exchange rate, a stabilisation fund, careful investment of resource revenues, a ban on borrowing and transparency. But these measures, while necessary, are insufficient. Newly-enriched countries need to take several more steps in order to increase the likelihood of a resource blessing.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">First, these countries must ensure that their citizens get the full value of the resources. There is an unavoidable conflict of interest between (usually foreign) natural-resource companies and host countries: the former want to minimise what they pay, while the latter need to maximise it. Well-designed, competitive auctions can generate much more revenue than sweetheart deals. Contracts, too, should be transparent and should ensure that if prices soar, the windfall gain does not go only to the company.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Unfortunately, many countries have already signed bad contracts that give a disproportionate share of the resources' value to foreign companies. There is a simple answer: renegotiate. If that is impossible, impose a windfall-profit tax.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All over the world, countries have been doing this. Of course, natural-resource companies will push back, emphasise the sanctity of contracts and threaten to leave. But the outcome is typically otherwise. A fair renegotiation can be the basis of a better long-term relationship.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Botswana's renegotiations of such contracts laid the foundations of its remarkable growth for the last four decades. Moreover, it is not only developing countries such as Bolivia and Venezuela that renegotiate; developed countries like Israel and Australia have done so as well. Even the US has imposed a windfall-profits tax.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The money gained through natural resources must be used to promote development. The old colonial powers regarded Africa simply as a place from which to extract resources. Some of the new purchasers have a similar attitude.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Infrastructure like roads, railroads and ports has been built with one goal in mind: getting the resources out of the country at as low a price as possible, with no effort to process the resources in the country, let alone to develop local industries based on them.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Of course, today, these countries may not have a comparative advantage in many of these activities, and some will argue that countries should stick to their strengths. From this perspective, these countries' comparative advantage is having other countries exploit their resources.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">That is wrong. What matters is dynamic comparative advantage, or comparative advantage in the long run, which can be shaped. Forty years ago, South Korea had a comparative advantage in growing rice. Had it stuck to that strength, it would not be the industrial giant that it is today. It might be the world's most efficient rice grower, but it would still be poor.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Companies will tell Ghana, Uganda, Tanzania and Mozambique to act quickly, but there is good reason for them to move more deliberately. The resources will not disappear, and commodity prices have been rising. Meanwhile, these countries can put in place the institutions, policies and laws needed to ensure that the resources benefit all of their citizens. Resources should be a blessing, not a curse.</div><div style="text-align: justify"><br /></div><div style="text-align: justify"><em>(The author is a professor of economics at Columbia University)</em></div><div style="text-align: justify"><br /></div>                                                           
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    <br><a href="http://economictimes.indiatimes.com/opinion/comments-analysis/natural-resources-a-blessing-or-a-curse-for-nations/articleshow/16037562.cms" class="re" target="_blank">The Economic Times, 31 August, 2012, http://economictimes.indiatimes.com/opinion/comments-analysis/natural-resources-a-blessing-or-a-curse-for-nations/articleshow/16037562.cms</a><div class="clear"></div>
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New discoveries of natural resources in several African countries - including Ghana, Uganda, Tanzania, and Mozambique - raise an important question: will these windfalls be a blessing that brings prosperity and hope, or a political and economic curse,..."/>
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                            <div style="text-align: justify">-The Economic Times</div><div style="text-align: justify"><br /></div><div style="text-align: justify">New discoveries of natural resources in several African countries - including Ghana, Uganda, Tanzania, and Mozambique - raise an important question: will these windfalls be a blessing that brings prosperity and hope, or a political and economic curse, as has been the case in so many countries?</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On average, resource-rich countries have done even more poorly than countries without resources. They have grown more slowly, and with greater inequality - just the opposite of what one would expect. After all, taxing natural resources at high rates will not cause them to disappear, which means that countries whose major source of revenue is natural resources can use them to finance education, healthcare, development and redistribution.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A large literature in economics and political science has developed to explain this 'resource curse', and civil society groups have been established to try to counter it.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Three of the curse's economic ingredients are well known. One, resource-rich countries tend to have strong currencies, which impede other exports. Two, because resource extraction often entails little job creation, unemployment rises. Three, volatile resource prices cause growth to be unstable, aided by international banks that rush in when commodity prices are high and rush out in downturns, reflecting the time-honoured principle that bankers lend only to those who do not need their money.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Moreover, resource-rich countries often do not pursue sustainable growth strategies. They fail to recognise that if they do not reinvest their resource wealth into productive investments, they are actually becoming poorer. Political dysfunction exacerbates the problem, as conflict over access to resource rents gives rise to corrupt and undemocratic governments.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">There are well-known antidotes to each of these problems: a low exchange rate, a stabilisation fund, careful investment of resource revenues, a ban on borrowing and transparency. But these measures, while necessary, are insufficient. Newly-enriched countries need to take several more steps in order to increase the likelihood of a resource blessing.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">First, these countries must ensure that their citizens get the full value of the resources. There is an unavoidable conflict of interest between (usually foreign) natural-resource companies and host countries: the former want to minimise what they pay, while the latter need to maximise it. Well-designed, competitive auctions can generate much more revenue than sweetheart deals. Contracts, too, should be transparent and should ensure that if prices soar, the windfall gain does not go only to the company.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Unfortunately, many countries have already signed bad contracts that give a disproportionate share of the resources' value to foreign companies. There is a simple answer: renegotiate. If that is impossible, impose a windfall-profit tax.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All over the world, countries have been doing this. Of course, natural-resource companies will push back, emphasise the sanctity of contracts and threaten to leave. But the outcome is typically otherwise. A fair renegotiation can be the basis of a better long-term relationship.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Botswana's renegotiations of such contracts laid the foundations of its remarkable growth for the last four decades. Moreover, it is not only developing countries such as Bolivia and Venezuela that renegotiate; developed countries like Israel and Australia have done so as well. Even the US has imposed a windfall-profits tax.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The money gained through natural resources must be used to promote development. The old colonial powers regarded Africa simply as a place from which to extract resources. Some of the new purchasers have a similar attitude.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Infrastructure like roads, railroads and ports has been built with one goal in mind: getting the resources out of the country at as low a price as possible, with no effort to process the resources in the country, let alone to develop local industries based on them.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Of course, today, these countries may not have a comparative advantage in many of these activities, and some will argue that countries should stick to their strengths. From this perspective, these countries' comparative advantage is having other countries exploit their resources.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">That is wrong. What matters is dynamic comparative advantage, or comparative advantage in the long run, which can be shaped. Forty years ago, South Korea had a comparative advantage in growing rice. Had it stuck to that strength, it would not be the industrial giant that it is today. It might be the world's most efficient rice grower, but it would still be poor.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Companies will tell Ghana, Uganda, Tanzania and Mozambique to act quickly, but there is good reason for them to move more deliberately. The resources will not disappear, and commodity prices have been rising. Meanwhile, these countries can put in place the institutions, policies and laws needed to ensure that the resources benefit all of their citizens. Resources should be a blessing, not a curse.</div><div style="text-align: justify"><br /></div><div style="text-align: justify"><em>(The author is a professor of economics at Columbia University)</em></div><div style="text-align: justify"><br /></div>                                                           
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    <br><a href="http://economictimes.indiatimes.com/opinion/comments-analysis/natural-resources-a-blessing-or-a-curse-for-nations/articleshow/16037562.cms" class="re" target="_blank">The Economic Times, 31 August, 2012, http://economictimes.indiatimes.com/opinion/comments-analysis/natural-resources-a-blessing-or-a-curse-for-nations/articleshow/16037562.cms</a><div class="clear"></div>
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Natural resources: A blessing or a curse for nations?-Joseph E Stiglitz

Published on Aug 31, 2012   Modified on Aug 31, 2012

-The Economic Times New discoveries of natural resources in several African countries - including Ghana, Uganda, Tanzania, and Mozambique - raise an important question: will these windfalls be a blessing that brings prosperity and hope, or a political and economic curse, as has been the case in so many countries? On average, resource-rich countries have done even more poorly than countries without resources. They have grown more slowly, and with greater inequality - just the opposite of what one would expect. After all, taxing natural resources at high rates will not cause them to disappear, which means that countries whose major source of revenue is natural resources can use them to finance education, healthcare, development and redistribution. A large literature in economics and political science has developed to explain this 'resource curse', and civil society groups have been established to try to counter it. Three of the curse's economic ingredients are well known. One, resource-rich countries tend to have strong currencies, which impede other exports. Two, because resource extraction often entails little job creation, unemployment rises. Three, volatile resource prices cause growth to be unstable, aided by international banks that rush in when commodity prices are high and rush out in downturns, reflecting the time-honoured principle that bankers lend only to those who do not need their money. Moreover, resource-rich countries often do not pursue sustainable growth strategies. They fail to recognise that if they do not reinvest their resource wealth into productive investments, they are actually becoming poorer. Political dysfunction exacerbates the problem, as conflict over access to resource rents gives rise to corrupt and undemocratic governments. There are well-known antidotes to each of these problems: a low exchange rate, a stabilisation fund, careful investment of resource revenues, a ban on borrowing and transparency. But these measures, while necessary, are insufficient. Newly-enriched countries need to take several more steps in order to increase the likelihood of a resource blessing. First, these countries must ensure that their citizens get the full value of the resources. There is an unavoidable conflict of interest between (usually foreign) natural-resource companies and host countries: the former want to minimise what they pay, while the latter need to maximise it. Well-designed, competitive auctions can generate much more revenue than sweetheart deals. Contracts, too, should be transparent and should ensure that if prices soar, the windfall gain does not go only to the company. Unfortunately, many countries have already signed bad contracts that give a disproportionate share of the resources' value to foreign companies. There is a simple answer: renegotiate. If that is impossible, impose a windfall-profit tax. All over the world, countries have been doing this. Of course, natural-resource companies will push back, emphasise the sanctity of contracts and threaten to leave. But the outcome is typically otherwise. A fair renegotiation can be the basis of a better long-term relationship. Botswana's renegotiations of such contracts laid the foundations of its remarkable growth for the last four decades. Moreover, it is not only developing countries such as Bolivia and Venezuela that renegotiate; developed countries like Israel and Australia have done so as well. Even the US has imposed a windfall-profits tax. The money gained through natural resources must be used to promote development. The old colonial powers regarded Africa simply as a place from which to extract resources. Some of the new purchasers have a similar attitude. Infrastructure like roads, railroads and ports has been built with one goal in mind: getting the resources out of the country at as low a price as possible, with no effort to process the resources in the country, let alone to develop local industries based on them. Of course, today, these countries may not have a comparative advantage in many of these activities, and some will argue that countries should stick to their strengths. From this perspective, these countries' comparative advantage is having other countries exploit their resources. That is wrong. What matters is dynamic comparative advantage, or comparative advantage in the long run, which can be shaped. Forty years ago, South Korea had a comparative advantage in growing rice. Had it stuck to that strength, it would not be the industrial giant that it is today. It might be the world's most efficient rice grower, but it would still be poor. Companies will tell Ghana, Uganda, Tanzania and Mozambique to act quickly, but there is good reason for them to move more deliberately. The resources will not disappear, and commodity prices have been rising. Meanwhile, these countries can put in place the institutions, policies and laws needed to ensure that the resources benefit all of their citizens. Resources should be a blessing, not a curse. (The author is a professor of economics at Columbia University)

The Economic Times, 31 August, 2012, http://economictimes.indiatimes.com/opinion/comments-analysis/natural-resources-a-blessing-or-a-curse-for-nations/articleshow/16037562.cms

Tagged with: natural resources Poverty

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