Andres Oppenheimer
A new
But is it true? Or is it
The study, entitled Natural resources in
The new study claims that
"The commodity bonanza is less likely to end badly for
De La Torre said that
He added that other commodity-exporting countries such as
In addition, most of these countries are using their respective commodity bonanzas to add value to their raw materials -- turning crude oil into lubricants, for instance -- and upgrade their exports. That is likely to help them achieve long term growth, he said.
DIFFERENT VIEW
But
He compared the cases of
"There are countries that have natural resources and don't develop any other products, and there are other countries that also have natural resources but produce many other things," he said. "That's the difference between
While
Asked about the theory that commodity exporters can grow and reduce poverty by specializing in their respective raw materials and upgrading them, Hausmann shook his head in disbelief. The countries that grow are usually those that diversify their export base, he said.
"Poor countries make few products," Hausmann said. "Rich countries make many products, including products that are difficult to make and that few other countries make."
My opinion: Even if the
Common sense tells me that countries that depend on raw materials don't do well in the long run.
CONTRASTS
It's no coincidence that some countries that have virtually no natural resources -- including
And it's no coincidence that countries that have natural resources and have become rich -- like
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(C) 2010 Andres Oppenheimer