The Fraudulent Chevron Ecuador Lawsuit: Setting the Record Straight (Part II: Oil wealth & socioeconomic progress in Ecuador)
In a three-part series, Professor Douglas Southgate of Ohio State University, examines the Chevron Ecuador lawsuit at length:
Oil and gas has been a 40-year economic driver in Ecuador. With the national treasury benefiting from oil and gas revenue, any lack of socioeconomic progress during the last decades cannot be blamed on international oil company (IOC) profit-making there.
Indeed, no serious observer claims that Ecuador has failed to experience development. Criticism has focused instead on waste and misallocation of the large cash bounty that multinational investment created for Ecuador.