Kurds will struggle with their economy. Oil is not a panacea.
Not only is oil not present in appreciable quantities in each Kurdish region—and sharing mechanisms remain unclear—but even if Iraqi Kurdistan alone went independent, Kurds must recognize that none of the top 20 oil-producing countries is completely landlocked, as Kurdistan would be.
Beyond oil, Kurdistan’s financial infrastructure is still a work in progress. Modern banking and commercial law remain largely undeveloped. Kurdistan has no currency of its own. Choosing to establish one would raise questions about how Kurdistan would stabilize it.
[ AEI – June 29, 2016 ]
