ABSTRACT
It is sad, but most countries rich in resource cannot boast of a higher development rate or other economic success compared to the countries having
no natural resources. This observation contradicts the basic laws of economics, as the availability of natural resources usually involves great economic advantages and prospects. Economists and other experts spent a lot of time studying this anomaly, trying to figure out how these countries can maximize their benefits from the rich natural resources available. Yet, we can find many failures. Nigeria, which rich in oil production, squandered a quarter billion dollars of oil revenues and is now deeply in debt. Two-thirds of the population lives in poverty in Venezuela. Civil wars, fostered as a result of the struggle for control of oil, gas, and minerals, have devastated a number of countries endowed with resources.
