A State s Natural Resources Wealth Influence Its Economic...

How does a state s natural resource wealth influence its economic development? For the past fifty years, versions of this question have figured prominently in debates over dependency theory, economic dualism, a proposed New International Economic Order, East Asia’s success, and Africa’s collapse. Since the late 1980s, economists and political scientists have produced a flood of new research that bears witness to this question. There is now strong evidence that states with abundant resource wealth perform less well than their resource-poor counterparts, but there is little agreement on why this occurs. Natural resources undoubtedly play an important role in the economy of many countries. Whether their contribution to development is beneficial or detrimental is a contested and difficult question to answer. Arguably countries like Australia, U.A.E. and Norway have gained enormously over long periods from their natural resources, others like Iran and Russia have gained in economic growth terms but maybe at the expense of institutional development, while in some countries, such as Angola and Sierra Leone, natural resources have been at the heart of violent conflicts with devastating effects for society. With many developing countries being highly resource dependent, a deeper understanding of the sources and solutions to the potential problem of natural resources is highly relevant. The disappointing performance of resource rich economies, especially those with a pointShow MoreRelatedEconomic Inequality Of The United States1435 Words   |  6 Pagesgap in the United States is a â€Å"defining challenge of our time†. Economic inequality consistently ranks amongst the greatest concerns of voters and is the subject of growing national and international attention. 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