Journal
OXFORD REVIEW OF ECONOMIC POLICY
Volume 25, Issue 2, Pages 241-256Publisher
OXFORD UNIV PRESS
DOI: 10.1093/oxrep/grp015
Keywords
resource curse; political economy; O13; O43
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On average, resource-abundant countries have experienced lower growth over the last four decades than their resource-poor counterparts. But the most interesting aspect of the paradox of plenty is not the average effect of natural resources, but its variation. For every Nigeria or Venezuela there is a Norway or a Botswana. Why do natural resources induce prosperity in some countries but stagnation in others ? This paper gives an overview of the dimensions along which resource-abundant winners and losers differ. In light of this, it then discusses different theory models of the resource curse, with a particular emphasis on recent developments in political economy.
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