One of the best ways to improve your wealth is imperialism, i.e. taking what isn't yours, but on a grand scale. It has worked for royalty forever, and while it's out in the open, nothing was ever done about it.
What did the royalty do in Arab countries that the common person didn't? Lay claim to the land containing oil. Scarcity can create value, but it's hard to argue that the person who claims it is really "creating value," as anyone else who owned it could do the same. At least not in the same sense that an artist creates something new out of nothing.
What did the royalty do in Arab countries that the common person didn't? Lay claim to the land containing oil. Scarcity can create value, but it's hard to argue that the person who claims it is really "creating value," as anyone else who owned it could do the same. At least not in the same sense that an artist creates something new out of nothing.