Some day, perhaps not in my lifetime, the age of oil will end. Future historians will look back on our world and wonder why, so many developing nations, awash in the most prized substance on earth, didn't use that wealth to build for the future.
Hugo Chavez is dead. It's true, unlike many leaders of oil rich nations, he spent much of his country's wealth on benefits for the poor. What he didn't do was use that wealth to build democratic institutions that could continue to help the Venezuelan people after his death. He didn't expand and diversify his country's economy. He may have been 100 times better than the oil dictators in Nigeria or Sudan, but he'll still go down in history as a failure.
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