AT THE END of the 19th century, Baku, the capital of Azerbaijan, was one of the world’s first oil boom towns. Now it is one of the latest. Baku is fast becoming a Moscow by the Caspian: a greed-is-good mentality, a skyline fringed with cranes, black Mercedes cars, swish cafés and Italian designer clothing stores.
Such are the signs of an incipient oil boom. However, Azerbaijan’s most recent windfall is not all being frittered away on speculative real estate and consumer goods.
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