Colombia’s oil history began in 1918 and entered a golden age in the late 1980s. Then, earlier this century, a new petroleum boom started, which was to bring considerable wealth and form the foundation of the country’s economic growth. While Colombia has experienced significant economic development over the last two decades, with annual GDP growth peaking at 7.4% in 2011, there are signs that the resource curse is weighing heavily on its future. The term ‘resource curse’ is used to describe the well-documented phenomenon of bountiful natural resources sharply impacting a country’s governance, stunting its economic diversity, breeding corruption, and fueling conflict. Michael L. Ross from the University of California identified that oil wealth can be poisonous to a country’s development and governance. It not only reinforces the power of authoritarian regimes but also magnifies corruption because of the massive income generated and triggers or sustains conflicts in low […]