Resource Abundance and Economic Development
Series: WIDER Studies in Development Economics;
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Product details:
- Publisher OUP Oxford
- Date of Publication 28 June 2001
- ISBN 9780199246885
- Binding Hardback
- No. of pages356 pages
- Size 242x163x25 mm
- Weight 651 g
- Language English
- Illustrations numerous figures and tables 0
Categories
Short description:
Since the 1960s the resource-poor countries have grown much faster that the resource-rich ones. This reflects basic differences in the speed of industrialization and the nature of the political state that are rooted in the natural resource endowment. Most resource-rich countries experienced a growth collapse in the 1960s and 1970s. This book shows how policies for economic recovery must be adapted to reflect differences in the natural resource base and type of political state.
MoreLong description:
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.
Not only does this book provide a foray into the cutting edge of cross-disciplinary research into the problems of natural resource-led development, but it is also specialized reading on how we might more broadly understand the connections between resources and conflict. This volume poses a serious challenge to theories of 'ecoviolence' that see scarcity of resources as a cause of socio-economic decay and violence.
Table of Contents:
I. Introduction
Introduction and Overview
II. Critical Parameters in Resource-Based Development Models
Natural Resources, Capital Accumulation, Structural Change, and Welfare
The Sustainability of Extractive Economies
Natural Resources, Human Capital, and Growth
The Social Foundations of Poor Economic Growth in Resource-Rich Countries
III. Long-Term Perspective on, and Models of, Resource-Based Growth
Natural Resources and Economic Development: The 1870-1914 Experience
Short-Run Models of Contrasting Natural Resource Endowments
Political Economy of Resource-Abundant States
IV. Development Trajectories of Resource-Abundant Countries
Competitive Industrialization with Natural Resource Abundance: Malaysia
A Growth Collapse with Diffuse Resources: Ghana
A Growth Collapse with Point Resources: Bolivia
A Growth Collapse with High Rent Point Resources: Saudi Arabia
Large Resource-Abundant Countries Squander their Size Advantage: Mexico and Argentina
V. Lessons for Policy Reform
Reforming a Small Resource-Rich Developing Market Economy: Costa Rica
Growth, Capital Accumulation, and Economic Reform in South Africa
Reforming Resource-Abundance Transition Economies: Kazakhstan and Uzbekistan
Reforming a Large Resource-Abundant Transition Economy: Russia
A Nordic Perspective on Natural Resource Abundance
VI. Conclusions
Conclusions: Resource Abundance, Growth Collapse, and Policy
