I don’t know a whole lot about macro economics, but this article in the LATimes I think gives too much credit to money for success.
It’s titled “Nations with vast oil wealth gaining clout” and is about Iran, Venezuela and Russia and how much “clout” they are gaining. However, it talks of how with every increase in the price of oil comes an increase in authoritarianism in these countries. Yes there are give-a-ways but yes there is inflation and crack downs.
Which countries in the end will have “more clout”? Free and open societies that spend their money at the door of the oil countries, or closed and single item successful societies who’s brain drain is bigger than their pocketbooks and who’s oil production has been decreasing as of late?
I’m betting on us.