The Resource Curse: Why Natural Wealth does not Guarantee Development
Keywords:
resource curse, Dutch Disease, rentier state, institutional quality, democracy, oil wealth, natural resources, economic development, governance, political economyAbstract
This paper examines the resource curse — the paradox where natural resource wealth produces weaker economic growth and less democratic governance. Through comparative analysis of Norway, Botswana, Nigeria, and Venezuela, it argues that institutions, not resources, determine whether a country develops or stagnates. Policy lessons are drawn for resource-rich developing economies.
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