All the President's Oil
Why Azerbaijan is getting poorer despite an oil revolution
After the fall of the Soviet Union, millions poured into Azerbaijan's oil industry. But only a select few reaped the rewards.
The oil-rich Azerbaijan ought to be a text book example of the benefits of globalisation. Multinationals from across the globe have poured in cash to exploit its oil wealth, and now a tidal wave of money is hitting Azerbaijan. But who are the winners? The oil companies of course – but the comfortable contemporary wisdom says that riches will also trickle down to the whole Azeri population, creating a contented, prosperous nation at the centre of a troublesome region that includes Iran and Russia. But it isn’t happening. Forget the cosy platitudes of globalisation. Think corruption, nepotism, despotism, war lords…
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