All the President's Oil

Why Azerbaijan is getting poorer despite an oil revolution

All the President's Oil After the fall of the Soviet Union, millions poured into Azerbaijan's oil industry. But only a select few reaped the rewards.
The oil-rich Azerbaijan ought to be a text book example of the benefits of globalisation. Multinationals from across the globe have poured in cash to exploit its oil wealth, and now a tidal wave of money is hitting Azerbaijan. But who are the winners? The oil companies of course – but the comfortable contemporary wisdom says that riches will also trickle down to the whole Azeri population, creating a contented, prosperous nation at the centre of a troublesome region that includes Iran and Russia. But it isn’t happening. Forget the cosy platitudes of globalisation. Think corruption, nepotism, despotism, war lords…

Produced by Mentorn
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