“In an essay in Foreign Affairs called “Saving Iraq from Its Oil” (July – August 2004), development economists Nancy Birdall and Arvind Subramanian point out that “34 less developed countries now boast significant oil and natural gas resources that constitute at least 30 percent of their total export revenue. Despite their riches, however, 12 of these countries’ annual per capital income remains below $1,500 . . . Moreover, two-thirds of the 34 countries are not democratic, and of those that are, only three score in the top half of the Freedom House’s world rankings of political freedom.””
