Explain the “paradox of plenty” as it relates to the oil producing countries of south america.

The paradox of plenty is a phenomenon known as the resource curse. It can affect those countries that have an abundance of natural resources.

Learn more about the paradox of plenty relates to the oil-producing nations in South America.

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The Paradox of Plenty means that a country with a lot of natural resources can sometimes fare worse than a country with a few natural resources.

South America suffers from the Paradox of Plenty in that:

South American countries with a lot of oil like Venezuela have been plagued with bad governance, corruption and a weak economy and yet they have the means to ensure that the citizens benefit.

In conclusion, these countries are suffering from the Paradox of Plenty because they have resources but they fare worse than other nations such as Japan that have few resources.

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