Russia weighs scenarios for declining global oil demand

When a country cannot rely on income from its soil anymore, it has only its people to go to. This means nurturing the entrepreneurial juices in the population so they can start creating value, which then can be taxed. But resource economies are often very corrupt and kleptocratic. The entire fabric of the state is beholden to those resource interests, and not to the people of the country. Reforming those structures is very, very hard, and I have seen more countries going under rather than doing this.

Linkedin Thread