Can a Cartel Fuel the Engine of Economic Development? OPEC and the Macroeconomics of Oil

According to the authors, OPEC’s stated mission is to promote the economic development and growth of its member states while minimizing volatility in the oil markets. But after a promising beginning many member states’ economies have declined rather than prospered—a clear indication of OPEC’s failure to meet their development goals. Thus, the authors ask if a
resource cartel can achieve the joint goals of development and resource market stability.