The Resource Curse in the context of "Socialism of the 21st Century"

The thesis examines the socioeconomic challenges faced by Ecuador and Venezuela since the influx of oil revenues in the 1970s, highlighting the resource curse theory as a key explanation for their minimal economic growth and political instability. It analyzes governance trends in both countries, particularly under left-oriented governments, using World Bank indicators. The findings suggest that these governments have not effectively addressed the resource curse, leading to a decline in good governance and reinforcing negative economic conditions. This trend appears to be consistent across both nations.