How Argentina can protect its resource wealth

Argentinian President Javier Milei has launched a reform program inspired by the free market economist Friedrich Hayek, at the heart of which is the development of Argentina’s vast energy reserves. Milei and his supporters hope that this will reverse almost a century of economic decline. But while translating natural resource wealth into long-term prosperity is certainly possible, it is not easy — as the many countries that have fallen victim to the “resource curse” can attest.