"The resource curse," a simple explanation of the resource curse from the IMF on YouTube, 2015.10.7 | Reminiscent of the days when US economists were promoting counter-cyclical spending policies in Latin America. If only the US had taken its own advice in the 2000s!
The vast majority of the wealth in Africa is contained in just a handful of countries (although there are 53 countries in Africa), which explains what looks like a death grip on the world's poorest countries in the sub-Sahara. Those poorer countries have been experiencing economic growth in recent years as the wealthy world throws money at their natural resources. But the mix of resource-richness and corruption makes for what some call a "resource curse" that can make inequality