Any first year econ student can tell you the danger of having all of one's eggs in one basket.
Many of the countries in which oil revenues are a significant (or only) source of capital are currently at risk of economic collapse due to oil's precipitous price decline but it's not capitalism's fault but rather the greed and shortsightedness of those countries who failed to use some of their big gains to diversify. They built their economies of straw when they had the resources to pay for granite.
Many of the countries in which oil revenues are a significant (or only) source of capital are currently at risk of economic collapse due to oil's precipitous price decline but it's not capitalism's fault but rather the greed and shortsightedness of those countries who failed to use some of their big gains to diversify. They built their economies of straw when they had the resources to pay for granite.