399. What is the Resource Curse? Why Some of the World's Richest Countries Stay Poor (English Vocabulary Lesson)

Scientists have just discovered enormous deposits of gold, diamonds, copper, or the rare earth minerals that are in smartphones and electric cars beneath your country. Is this good news? Not necessarily. You might think that becoming “resource rich” is a great way for a country to become prosperous, but this not always the case. Some of the world's most resource-rich countries have struggled with corruption, dictatorship, economic instability, civil war, and widespread poverty. Instead of becoming wealthy, they have become trapped in a cycle of dependence and political turmoil.Economists have a name for this paradox: the Resource Curse. At the same time, countries with few natural resources, places like Japan, Singapore, and South Korea, have become some of the richest and most developed economies in the world. Today, we're going to explore the resource curse. We’ll discuss why having valuable natural resources can sometimes become a disadvantage and look at some of the world's best-known examples. And we’ll do this while practicing your English listening comprehension and learning some new vocabulary! Conversation Club - ⁠https://thinkinginenglish.blog/patreon/conversation-clubs/⁠