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Dutch disease: too much wealth managed unwisely. (Back to Basics).

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From: Finance & Development
Date: 20030301
Author:Ebrahim-zadeh, Christine

MIGUEL DE CERVANTES SAAVEDRA, the celebrated sixteenth-century Spanish author of Don Quixote de la Mancha, once said that "the gratification of wealth is not found in mere possession or in lavish expenditure, but in its wise application." This was at a time when Spain enjoyed newfound access to a wealth of natural resources, including gold, from the Americas. Could he have recognized, in his own country, symptoms of what later became known as "Dutch disease," a term that broadly refers to the harmful consequences of large increases in a country's income? Finance & Development ...

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