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The Paradox of Plenty: Oil Booms and Petro-States

The Paradox of Plenty: Oil Booms and Petro-States

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Political scientist Terry Lynn Karl explains why in the midst of two massive oil booms in the 1970s, oil-exporting governments as different as Venezuela, Iran, Nigeria, Algeria, and Indonesia chose common development paths and suffered similarly disappointing outcomes. Karl contends that oil countries, while seemingly disparate, are characterized by similar social classes and patterns of collective action.