One of the examples in the linked Wikipedia page is Dutch disease, in which the Netherlands found a lot of resources causing growth in that sector (because it could be exported) which drove up currency demand, which made other exports from the same economy uncompetitive, which caused a decline in the manufacturing sector.
We could all be Detroit after the car factories left, Merthyr Tydfil when the iron and coal stopped, etc.
But like I said: I don't have any formal training in economics, so I can't argue the for and against arguments with much conviction.
Comments
Yes, but unevenly.
One of the examples in the linked Wikipedia page is Dutch disease, in which the Netherlands found a lot of resources causing growth in that sector (because it could be exported) which drove up currency demand, which made other exports from the same economy uncompetitive, which caused a decline in the manufacturing sector.
We could all be Detroit after the car factories left, Merthyr Tydfil when the iron and coal stopped, etc.
But like I said: I don't have any formal training in economics, so I can't argue the for and against arguments with much conviction.