The Institutions Curse

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Challenging the conventional notion of the "resource curse," this book presents the idea of an "institutions curse," suggesting that poor governance, rather than natural resources, leads to negative outcomes like authoritarianism and economic stagnation. It posits that many developing nations default to resource extraction due to historical legacies, which hampers the growth of diversified economies. The author, Victor Menaldo, argues that natural resources can enhance state capacity, capitalism, and democracy, ultimately benefiting development despite the challenges posed by weak institutions.