Drawing upon recent progress in development economics and political
science, the book provides fresh analysis of the Caucasus and
Central Asia (CCA) countries transition to a market economy by
tracing the impact of natural resource endowment. The book examines
the synergies between energy-rich and energy-poor states and
highlights the practical consequences of both well-managed and
poorly-managed deployment of energy. Featuring contributions from
prominent specialists on resource-driven economies, the book argues
that unless CCA elites change the way in which they deploy natural
resource, revenues regional development will fall short of its
potential with possible disastrous consequences. The contributors
apply the experience of the developing market economies to
demonstrate that the region still holds considerable potential to
become an important, stable supplier of raw materials and a source
of industrial demand to the global economy. However, the CCA is
equally likely to become a threat to the global economy as a
consequence of the misuse of energy revenues to promote the
interests of predatory political elites.
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