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I should note that perhaps there are two sorts of issues here.

One is the one Wolf is happy to at least sort of acknowledge, if backhandedly: this system isn't tested... we don't know if it is really a "new stability" or just a soon to be disrupted confluence of circumstances.

The second, which Wolf doesn't seem to want to consider so much (although I didn't see the full article behind the subscription wall) is that of the Dutch Disease, (or the Gold disease, or the African diamond disease) whereby the rise of an industry with high returns starves other industries of growth/capital/political influence which sets the economy up for a rude shock when that industry stumbles.

by Metatone (metatone [a|t] gmail (dot) com) on Tue Jun 19th, 2007 at 02:58:10 PM EST
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