Resource Abundance And Economic Development
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Resource Abundance And Economic Development
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Author : R. M. Auty
language : en
Publisher: OUP Oxford
Release Date : 2001-06-28
Resource Abundance And Economic Development written by R. M. Auty and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-06-28 with Business & Economics categories.
Since the 1960s the per capita incomes of the resource-poor countries have grown significantly faster than those of the resource-abundant countries. In fact, in recent years economic growth has been inversely proportional to the share of natural resource rents in GDP, so that the small mineral-driven economies have performed least well and the oil-driven economies worst of all. Yet the mineral-driven resource-rich economies have high growth potential because the mineral exports boost their capacity to invest and to import. "Resource Abundance and Economic Development" explains the disappointing performance of resource-abundant countries by extending the growth accounting framework to include natural and social capital. The resulting synthesis identifies two contrasting development trajectories: the competitive industrialization of the resource-poor countries and the staple trap of many resource-abundant countries. The resource-poor countries are less prone to policy failure than the resource-abundant countries because social pressures force the political state to align its interests with the majority poor and follow relatively prudent policies. Resource-abundant countries are more likely to engender political states in which vested interests vie to capture resource surpluses (rents) at the expense of policy coherence. A longer dependence on primary product exports also delays industrialization, heightens income inequality, and retards skill accumulation. Fears of 'Dutch disease' encourage efforts to force industrialization through trade policy to protect infant industry. The resulting slow-maturing manufacturing sector demands transfers from the primary sector that outstrip the natural resource rents and sap the competitiveness of the economy. The chapters in this collection draw upon historical analysis and models to show that a growth collapse is not the inevitable outcome of resource abundance and that policy counts. Malaysia, a rare example of successful resource-abundant development, is contrasted with Ghana, Bolivia, Saudi Arabia, Mexico, and Argentina, which all experienced a growth collapse. The book also explores policies for reviving collapsed economies with reference to Costa Rica, South Africa, Russia and Central Asia. It demonstrates the importance of initial conditions to successful economic reform.
Natural Resource Abundance And Economic Growth
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Author : Jeffrey Sachs
language : en
Publisher:
Release Date : 1995
Natural Resource Abundance And Economic Growth written by Jeffrey Sachs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Economic development categories.
One of the surprising features of modern economic growth is that economies with abundant natural resources have tended to grow less rapidly than natural-resource-scarce economies. In this paper we show that economies with a high ratio of natural resource exports to GDP in 1971 (the base year) tended to have low growth rates during the subsequent period 1971-89. This negative relationship holds true even after controlling for variables found to be important for economic growth, such as initial per capita income, trade policy, government efficiency, investment rates, and other variables. We explore the possible pathways for this negative relationship by studying the cross-country effects of resource endowments on trade policy, bureaucratic efficiency, and other determinants of growth. We also provide a simple theoretical model of endogenous growth that might help to explain the observed negative relationship.
Resource Abundance And Economic Development
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Author : Richard M. Auty
language : en
Publisher:
Release Date : 1998
Resource Abundance And Economic Development written by Richard M. Auty and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Commercial policy categories.
Resource Abundance And Economic Development
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Author : Richard M. Auty
language : en
Publisher: Oxford University Press on Demand
Release Date : 2004
Resource Abundance And Economic Development written by Richard M. Auty and has been published by Oxford University Press on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
Since the 1960s the per capita incomes of the resource-poor countries have grown significantly faster than those of the resource-abundant countries. In fact, in recent years economic growth has been inversely proportional to the share of natural resource rents in GDP, so that the small mineral-driven economies have performed least well and the oil-driven economies worst of all. Yet the mineral-driven resource-rich economies have high growth potential because the mineral exports boost their capacity to invest and to import. "Resource Abundance and Economic Development" explains the disappointing performance of resource-abundant countries by extending the growth accounting framework to include natural and social capital. The resulting synthesis identifies two contrasting development trajectories: the competitive industrialization of the resource-poor countries and the staple trap of many resource-abundant countries. The resource-poor countries are less prone to policy failurethan the resource-abundant countries because social pressures force the political state to align its interests with the majority poor and follow relatively prudent policies. Resource-abundant countries are more likely to engender political states in which vested interests vie to capture resource surpluses (rents) at the expense of policy coherence. A longer dependence on primary product exports also delays industrialization, heightens income inequality, and retards skill accumulation. Fears of'Dutch disease' encourage efforts to force industrialization through trade policy to protect infant industry. The resulting slow-maturing manufacturing sector demands transfers from the primary sector that outstrip the natural resource rents and sap the competitiveness of the economy. The chapters in this collection draw upon historical analysis and models to show that a growth collapse is not the inevitable outcome of resource abundance and that policy counts. Malaysia, a rare example ofsuccessful resource-abundant development, is contrasted with Ghana, Bolivia, Saudi Arabia, Mexico, and Argentina, which all experienced a growth collapse. The book also explores policies for reviving collapsed economies with reference to Costa Rica, South Africa, Russia and Central Asia. It demonstrates the importance of initial conditions to successful economic reform.
Natural Resource Abundance And Economic Growth
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Author : Jeffrey Sachs
language : en
Publisher:
Release Date : 1995
Natural Resource Abundance And Economic Growth written by Jeffrey Sachs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Economic development categories.
One of the surprising features of modern economic growth is that economies with abundant natural resources have tended to grow less rapidly than natural-resource-scarce economies. In this paper we show that economies with a high ratio of natural resource exports to GDP in 1971 (the base year) tended to have low growth rates during the subsequent period 1971-89. This negative relationship holds true even after controlling for variables found to be important for economic growth, such as initial per capita income, trade policy, government efficiency, investment rates, and other variables. We explore the possible pathways for this negative relationship by studying the cross-country effects of resource endowments on trade policy, bureaucratic efficiency, and other determinants of growth. We also provide a simple theoretical model of endogenous growth that might help to explain the observed negative relationship.
The Political Economy Of The Resource Curse
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Author : Andrew Rosser
language : en
Publisher:
Release Date : 2006
The Political Economy Of The Resource Curse written by Andrew Rosser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Conservation of natural resources categories.
This paper presents a critical survey of the literature on the "resource curse", focusing on three main questions: (i) are natural resources bad for development?; (ii) what causes the resource curse?; and, (iii) how can the resource curse be overcome? In respect of these questions, three observations are made. First, while the literature provides considerable evidence that natural resource abundance is associated with various negative development outcomes, this evidence is by no means conclusive. Second, existing explanations for the resource curse do not adequately account for the role of social forces or external political and economic environments in shaping development outcomes in resource abundant countries, nor for the fact that, while most resource abundant countries have performed poorly in developmental terms, a few have done quite well. Finally, recommendations for overcoming the resource curse have not generally taken into account the issue of political feasibility.
Natural Resources Neither Curse Nor Destiny
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Author : Daniel Lederman
language : en
Publisher: World Bank Publications
Release Date : 2006-10-23
Natural Resources Neither Curse Nor Destiny written by Daniel Lederman and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-10-23 with Nature categories.
'Natural Resources: Neither Course nor Destiny' brings together a variety of analytical perspectives, ranging from econometric analyses of economic growth to historical studies of successful development experiences in countries with abundant natural resources. The evidence suggests that natural resources are neither a curse nor destiny. Natural resources can actually spur economic development when combined with the accumulation of knowledge for economic innovation. Furthermore, natural resource abundance need not be the only determinant of the structure of trade in developing countries. In fact, the accumulation of knowledge, infrastructure, and the quality of governance all seem to determine not only what countries produce and export, but also how firms and workers produce any good.
Natural Resource Abundance Growth And Diversification In The Middle East And North Africa
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Author : Ndiame' Diop
language : en
Publisher: World Bank Publications
Release Date : 2012-10-01
Natural Resource Abundance Growth And Diversification In The Middle East And North Africa written by Ndiame' Diop and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-10-01 with Business & Economics categories.
MENA holds more than 60% of oil and nearly 50% of gas reserves, making its economy very vulnerable to price fluctuations. This volume investigates the effect of natural resources and the role of policies on achieving higher and sustained growth through economic diversification.
Natural Resources And Economic Growth
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Author : Marc Badia-Miró
language : en
Publisher: Routledge
Release Date : 2015-05-22
Natural Resources And Economic Growth written by Marc Badia-Miró and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-05-22 with Business & Economics categories.
The relationship between natural capital and economic growth is an open debate in the field of economic development. Is an abundance of natural resources a blessing or a curse for economic performance? The field of Economic History offers an excellent vantage to explore the relevance of institutions, technical progress and supply-demand drivers. Natural Resources and Economic Growth contains theoretical and empirical articles by leading scholars who have studied this subject in different historical periods from the 19th century to the present day and in different parts of the world. Part I presents the theoretical issues and discusses the meaning of the "curse" and the relevance of the historical perspective. Part II captures the diversity of experiences, presenting thirteen independent case studies based on historical results from North and South America, Africa, Asia, Oceania and Europe. This book emphasizes that an abundance of natural resources is not a fixed situation. It is a process that reacts to changes in the structure of commodity prices and factor endowments, and progress requires capital, labour, technical change and appropriate institutional arrangements. This abundance is not a given, but is part of the evolution of the economic system. History shows that institutional quality is the key factor to deal with abundant natural resources and, especially, with the rents derived from their use and exploitation. This wide ranging volume will be of great relevance to all those with an interest in economic history, development, economic growth, natural resources, world history and institutional economics.
Natural Resources And Economic Development
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Author : Edward B. Barbier
language : en
Publisher: Cambridge University Press
Release Date : 2019-09-19
Natural Resources And Economic Development written by Edward B. Barbier and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-19 with Business & Economics categories.
The second edition of this landmark book explores how natural resources contribute to development in poor economies.