Iraq’s Oil-garchy

Oil_Iraq

Joel Wing checks in on the country's mismanaged economy:

Iraq has the potential to become an oil superpower. It is expanding and repairing its petroleum infrastructure, and plans on bringing in more foreign companies next year. That would seem to be beneficial for the country, and offer wealth to the entire nation. Instead, the boost in the petroleum industry will enrich the government, which has proven incapable of managing its funds. More useless government jobs will be created, more large development projects will be announced with many failing to come to fruition, and there will be even less reason for the authorities to push the private sector.