You might think it was to do with natural resources. A country or continent can have abundant commodities (usually grouped into energy, metals, livestock and agriculture) yet still be an economic laggard or even a disaster. Fidel Castro presided over an economy that failed to deliver for ordinary Cubans despite extensive mineral reserves and arable land. For much of the past decade Cuba’s economy was supported by the revolutionary regime in Venezuela, which has larger proven oil reserves than Saudi Arabia. Yet Venezuela is now in a state of economic collapse and penury as rampant inflation has destroyed people’s living standards.

Source: The Times November 30, 2016 17:12 UTC