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Resource Abundance and Economic Development

Edited by R. M. Auty

Price: £64.00 (hardback)
ISBN-13: 978-0-19-924688-5
Publication date: 28 June 2001
360 pages, 23 figures, 234x156 mm
Series: WIDER Studies in Development Economics
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Reviews

'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.' - Journal of Peace Research
'... the volume is to be welcomed, and will hopefully be widely read and cited.' - Journal of International Development

Description

Provides a comprehensive explanation of the 'resource curse'
Develops two basic models to explain the divergent development trajectories of resource-poor and resource-rich developing countries
Demonstrates how policies for economic reform in both developing market economies and transition economies must be adapted to reflect endowments of natural and social capital

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.

Readership: Those working in the field of development economics in universities, development research institutes, leading developmental institutions, and NGOs. Also development consultants, those working in international corporations, and developing country civil servants.

Contents

I. Introduction

Introduction and Overview , Richard M. Auty

II. Critical Parameters in Resource-Based Development Models

2. Natural Resources, Capital Accumulation, Structural Change, and Welfare , Richard M. Auty and Sampsa Kiiski

3. The Sustainability of Extractive Economies , Kirk Hamilton

4. Natural Resources, Human Capital, and Growth , Nancy Birdsall, Thomas Pinckney, and Richard Sabot

5. The Social Foundations of Poor Economic Growth in Resource-Rich Countries , Michael Woolcock, Lant Pritchett, and Jonathan Isham

III. Long-Term Perspective on, and Models of, Resource-Based Growth

6. Natural Resources and Economic Development: The 1870-1914 Experience , Ronald Findlay and Mats Lundahl

7. Short-Run Models of Contrasting Natural Resource Endowments , S. Mansoob Murshed

8. Political Economy of Resource-Abundant States , Richard M. Auty and Alan H. Gelb

IV. Development Trajectories of Resource-Abundant Countries

9. Competitive Industrialization with Natural Resource Abundance: Malaysia , Mahani Zainal Abidin

10. A Growth Collapse with Diffuse Resources: Ghana , Robert Osei

11. A Growth Collapse with Point Resources: Bolivia , Richard M. Auty and J. L. Evia

12. A Growth Collapse with High Rent Point Resources: Saudi Arabia , Richard M. Auty

13. Large Resource-Abundant Countries Squander their Size Advantage: Mexico and Argentina , Richard M. Auty

V. Lessons for Policy Reform

14. Reforming a Small Resource-Rich Developing Market Economy: Costa Rica , Gustavo Barboza and Jose Cordero

15. Growth, Capital Accumulation, and Economic Reform in South Africa , Carolyn Jenkins

16. Reforming Resource-Abundance Transition Economies: Kazakhstan and Uzbekistan , Richard M. Auty

17. Reforming a Large Resource-Abundant Transition Economy: Russia , Anil Markandya and Alina Averchenkova

18. A Nordic Perspective on Natural Resource Abundance , Thorvaldur Gylfason

VI. Conclusions

19. Conclusions: Resource Abundance, Growth Collapse, and Policy , Richard M. Auty

Authors, editors, and contributors

Edited by R. M. Auty, Professor of Economic Geography in the Department of Geography, Lancaster University

Links to web resources and related information

More in the same subject area:
Economics
Development economics
Political geography
Environmental economics

The specification in this catalogue, including without limitation price, format, extent, number of illustrations, and month of publication, was as accurate as possible at the time the catalogue was compiled. Occasionally, due to the nature of some contractual restrictions, we are unable to ship a specific product to a particular territory. Jacket images are provisional and liable to change before publication.