Approaches about Natural Resource Curse;Comparison and Assessment

Document Type : a

Authors

1 دانشجوی کارشناسی ارشد دانشگاه مازندران

2 دانشیار گروه اقتصاد نظری دانشگاه مازندران

Abstract

Countries enjoying oil, mineral materials and natural resources in general have failed to show a good economic performance compared with countries lacking such resources. This is mainly due to the unpleasant side effects of such resources. After a literature review, this paper studies some of the most significant mechanisms of the impact of natural resources including the long-term international price trend, price fluctuations, permanent contraction of industry sector, hegemonic and oligarchic institutions, lack of institutions creating instability and chaos, and the rotation of Dutch disease. Among these mechanisms, skeptics have questioned the Natural Resource Curse, pointing to the examples of commodity-exporting countries that have done well and arguing that resource endowments and booms are not exogenous. This paper also suggests some institutions and policies derived from the successful experience and background of countries which have achieved the capability of appropriate utilization of such resources. It is finally concluded that the need for the wealth of mineral materials does not necessarily lead to lack of economic and political development through many of mechanisms of impact of natural resources. Instead, it would be better to look at the abundance of natural resources as a double-edged sword with both benefits and dangers. It can be utilized inappropriately, or lead to profit-making if applied correctly.

Keywords


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