Why do some resource-abundant countries succeed while others do not?

Ragnar Torvik

Oxford Review of Economic Policy, 2009, vol. 25, issue 2, 241-256

Abstract: On average, resource-abundant countries have experienced lower growth over the last four decades than their resource-poor counterparts. But the most interesting aspect of the paradox of plenty is not the average effect of natural resources, but its variation. For every Nigeria or Venezuela there is a Norway or a Botswana. Why do natural resources induce prosperity in some countries but stagnation in others? This paper gives an overview of the dimensions along which resource-abundant winners and losers differ. In light of this, it then discusses different theory models of the resource curse, with a particular emphasis on recent developments in political economy. Copyright 2009, Oxford University Press.

Date: 2009
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