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12.3 Natural Resource Management and the Resource Curse

4 min read•july 30, 2024

Natural resources can be a blessing or a curse for developing countries. The "" paradox shows that resource-rich nations often struggle with slower growth and worse outcomes than resource-poor ones.

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Factors like , , and contribute to this curse. However, , diversification strategies, and can help countries overcome it and leverage resources for .

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The Resource Curse

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Definition and Implications

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  • The resource curse, also known as the , refers to the phenomenon where countries with an abundance of natural resources (, ) tend to have slower economic growth, less democracy, and worse development outcomes compared to countries with fewer natural resources
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  • Implies that the mere presence of natural resources does not guarantee economic prosperity, and in many cases, can lead to economic stagnation, political instability, and social unrest
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  • Negative implications for economic development include:
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- [Dutch Disease](https://www.fiveableKeyTerm:Dutch_Disease): Resource sector drives up the exchange rate and makes other sectors less competitive, leading to a decline in manufacturing and agricultural exports
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- Lack of [economic diversification](https://www.fiveableKeyTerm:economic_diversification): Countries become overly dependent on resource exports and fail to invest in other sectors of the economy
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- Exacerbation of income inequality: Benefits of resource wealth are often concentrated among a small elite, while the majority of the population remains poor
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Examples and Case Studies

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  • : Despite being one of the world's largest oil exporters, a significant portion of the population lives in poverty due to corruption, mismanagement of oil revenues, and lack of economic diversification
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  • : Heavy dependence on oil exports led to economic crisis when oil prices dropped, resulting in hyperinflation, shortages of basic goods, and political instability
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  • : High per capita GDP due to oil wealth, but poor human development indicators and high levels of inequality, with most of the population living in poverty
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Factors Contributing to the Resource Curse

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Institutional and Governance Factors

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  • Weak institutions and poor governance enable corruption, rent-seeking behavior, and mismanagement of resource revenues
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  • Lack of accountability and transparency in the management of resource revenues can lead to misallocation of funds and failure to invest in public goods and services
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  • Presence of weak property rights and lack of rule of law can discourage investment and innovation in non-resource sectors of the economy
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Economic and Structural Factors

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  • Volatility of resource prices can lead to boom-and-bust cycles, making it difficult for resource-rich countries to plan and manage their economies effectively
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  • Enclave nature of the resource sector, which often operates independently from the rest of the economy, can limit spillover effects and job creation potential of resource extraction
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  • can lead to a lack of economic diversification, as countries fail to invest in other sectors of the economy
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Institutions and Resource Management

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Importance of Strong Institutions

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  • Strong institutions, such as an independent judiciary, professional bureaucracy, and effective checks and balances, are crucial for managing natural resources in a transparent and accountable manner
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  • Good governance practices can help mitigate the negative effects of the resource curse:
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- Implementation of [fiscal rules](https://www.fiveableKeyTerm:Fiscal_Rules)
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- Establishment of [sovereign wealth funds](https://www.fiveableKeyTerm:Sovereign_Wealth_Funds)
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- Adherence to international transparency initiatives (Extractive Industries Transparency Initiative)
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  • Presence of a robust civil society and free media can help monitor the management of resource revenues and hold governments accountable
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Effective Resource Management Strategies

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  • Participation of local communities and stakeholders in decision-making processes ensures that the benefits of resource extraction are shared equitably
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  • Adoption of anti-corruption measures and strengthening of public financial management systems can help prevent misuse of resource revenues and ensure they are invested in productive activities
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  • Transparency and accountability in the management of resource revenues can be enhanced through:
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- Adoption of international standards (Extractive Industries Transparency Initiative)
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- Regular disclosure of information on resource revenues and expenditures
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Overcoming the Resource Curse

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Economic Diversification Strategies

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  • Reducing dependence on resource exports and promoting sustainable growth through investments in:
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- Education
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- Infrastructure
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- Development of non-resource sectors (manufacturing, services)
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  • Establishment of sovereign wealth funds to smooth out the impact of resource price volatility and ensure resource revenues are invested in long-term development projects
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  • Implementation of fiscal rules, such as limits on government spending and borrowing, to prevent mismanagement of resource revenues and ensure fiscal sustainability
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Promoting Local Content and Human Capital Development

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  • Promotion of local content policies, which require resource companies to source goods and services from local suppliers, can:
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- Create linkages between the resource sector and the rest of the economy
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- Generate employment opportunities
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  • Investment in human capital, through education and training programs, can help build the skills and knowledge necessary for the development of a diversified and competitive economy
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  • Examples of successful diversification efforts:
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- Chile: Invested copper revenues in education, innovation, and the development of non-resource sectors, such as agriculture and renewable energy
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- Botswana: Used diamond revenues to invest in education, healthcare, and infrastructure, while maintaining a stable macroeconomic environment and strong institutions
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