The wealth derived from natural resources can have a tremendous
impact on the economics and politics of producing countries. In the
last quarter century, we have seen the surprising and sobering
consequences of this wealth, producing what is now known as the
"resource curse." Countries with large endowments of natural
resources, such as oil and gas, often do worse than their poorer
neighbors. Their resource wealth frequently leads to lower growth
rates, greater volatility, more corruption, and, in extreme cases,
devastating civil wars.
In this volume, leading economists, lawyers, and political
scientists address the fundamental channels generated by this
wealth and examine the major decisions a country must make when
faced with an abundance of a natural resource. They identify such
problems as asymmetric bargaining power, limited access to
information, the failure to engage in long-term planning, weak
institutional structures, and missing mechanisms of accountability.
They also provide a series of solutions, including recommendations
for contracting with oil companies and allocating revenue;
guidelines for negotiators; models for optimal auctions; and
strategies to strengthen state-society linkages and public
accountability.
The contributors show that solutions to the resource curse do
exist; yet, institutional innovations are necessary to align the
incentives of key domestic and international actors, and this
requires fundamental political changes and much greater levels of
transparency than currently exist. It is becoming increasingly
clear that past policies have not provided the benefits they
promised. "Escaping the Resource Curse" lays out a path for
radically improving the management of the world's natural
resources.
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