Bono Writes About Resource Extraction in Time

This is from the issue dated May 28, 2012:

It’s become the go-to cliché of modern economics. Natural resources are a “curse.” When a nation is over-reliant on one or two commodities like oil or precious minerals, corrupt government ministers and their dodgy associates hoard profits and taxes instead of properly allocating them to schools and hospitals. Happy the country that lives on nothing but its wits; cursed be the one that thinks it can get rich by planting or digging or drilling for wealth.

Such is the collective wisdom. So we must ask the collectively wise, How did the U.S. avoid the curse? And what might that tell us about other countries’ chances of doing the same?

Read the rest of the article here

 

Alan Cross

is an internationally known broadcaster, interviewer, writer, consultant, blogger and speaker. In his 30+ years in the music business, Alan has interviewed the biggest names in rock, from David Bowie and U2 to Pearl Jam and the Foo Fighters. He’s also known as a musicologist and documentarian through programs like The Ongoing History of New Music.

2 thoughts on “Bono Writes About Resource Extraction in Time

  • May 19, 2012 at 12:16 am
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    Typical Bono, patronizing to the core. It's all about the G8 (or 1st world) imposing reform and good governance on the poor ignant Africans. Like Robert Mugabe perhaps?

    Nothing from outside will have any effect on Africa. You can't impose on unwilling people. As long as tribal politics and state backstabbing continues Africa will stay a morass. Most of the world can see that as well since in the 4 years that he wrote that article bupkiss has happened.

    Until a true Pan-African political system can florish this will always be so. The only reason for that to happen is either cooperative greed like OPEC or fear and anger, generally from an outside threat. Neither seems to be on the horizon.

    Reply
  • May 19, 2012 at 6:26 am
    Permalink

    Happy the country that lives on nothing but its wits; cursed be the one that thinks it can get rich by planting or digging or drilling for wealth.

    Reply

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