There is actually a name for it: "the resource curse." You can even see it inside the USA by looking at the corruption and poverty in those states that have an economy based mostly on some kind of resource extraction. Oligarchs sit at the top and enrich themselves with the cooperation of bought politicians and other officials, and things like education or any attempt to diversify the economy are neglected as there is (to the oligarchs) no need. The money is flowing so who cares if the schools suck, the water is contaminated, and the people are all dying of opiate overdoses...