Resource Abundance and Economic Development

Abstract

This book explores the factors behind the underperformance of resource-abundant developing countries compared to resource-deficient countries. Drawing on research from various subfields within economics literature, it argues that since the 1960s, the natural resource endowment of a developing country has strongly affected its capital utilisation efficiency and the nature of its long-term development trajectory. The book is divided into four parts. Part I presents an introduction to the volume. Part II examines the relationship between natural resource endowment and the four main types of capital: produced, natural, human, and social. Part III integrates findings from Part II, and tests the degree to which the relationship between natural resources and development is deterministic. Part IV applies the analytical framework developed in the previous parts to case studies of developmental trajectories since the 1960s. Part V discusses policy implications for the reform of resource-abundant economies that have experienced a growth collapse.