When I was in college, Mexico announced it’s discovery of massive oil reserves in the Gulf of Mexico. At the time, I had a neighbor who happened to be a professor of Latin American studies. I asked him what he thought of this, and I offered that Mexico would be a very wealthy country soon. He disagreed. He cited one reason: corruption. I’m not sure he was correct, but Mexico’s oil wealth didn’t turn out the way I had expected. A good read on our neighbor to the south. The comments are also worth reading.

Mexico: A development puzzle