Most petrostates -- economies where oil accounts for more than twenty percent of revenue -- share the same chronic problems. At TEDxCalgary, Andrew Nikiforuk shows that these polities tend to overspend, undertax, suffer from overvalued currencies, and become undemocratic. A solution, Nikiforuk believes, is to instate a taxation structure like that which exists in non-oil economies, leading to greater public inclusiveness and preventing one vested interest from dominating the political process.
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