The resource curse, or paradox of plenty, refers to the
long-established notion central in development economics that
countries rich in natural resources, particularly minerals and
fuels, perform less well economically than countries with fewer
natural resources. In other words, resources are an economic curse
rather than a blessing. This short primer explores the complexities
of this idea and the debates that surround it, in particular under
what conditions the resource curse might operate, if not universal.
Discussion ranges over the nature of resource booms, the benefits
and costs of export-led growth, the problems of deindustrialization
and manufacturing base erosion, rent-seeking behaviour and
corruption and the empirical evidence of the effects of natural
resource dependence on growth. The book also considers the links
between resource rents and the risk of conflict and civil war. The
treatment draws throughout on a range of illustrative examples from
across the developed and developing world and offers an
authoritative introduction to one of the most perplexing issues for
economic growth.
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