Economic Development of Resource-Rich Countries
MINT007 | Spring | 6ECTS
As the importance of natural resources grows in the globalized economy, more discoveries are made and a larger number of countries can be classified as resource-rich. The literature has identified a paradox whereby resource-rich countries achieve worse development outcomes than resource-poor peers (the resource curse). The course will critically consider the paradox, review examples of resource-rich countries that have made significant advances in the path to development and discuss policies that may turn resources into a blessing rather than a curse. Economic and political aspects will be covered, including institutional issues (democracy vs. authoritarianism, centralization vs. decentralization) and the impact of resources on conflicts (international, civil wars, insurgencies).