 Natural Resources and the Alaska ModelBrent Ranalli ()
Chapter Chapter 3 in Common Wealth Dividends, 2021, pp 31-55 from Palgrave Macmillan Abstract: Abstract In the 1960, oil was discovered on Alaska’s North Slope. Under the leadership of Governor Jay Hammond, Alaska established a Permanent Fund in 1976 to receive a portion of the oil revenues for purposes of investment and in 1982 began issuing dividends to every Alaska resident out of the Permanent Fund’s earnings. The “Alaska model” has inspired many imitations involving a wide range of resources. It is also recognized internationally as a template for responsible management of non-renewable resources. Placing the resource rents into a dedicated Fund serves to (a) preserve them so they can continue to benefit future generations, and (b) mitigate the “resource curse” (lax fiscal discipline, lack of accountability, corruption) that often accompanies mineral extraction when rents go directly into government coffers. Issuing dividends from investments serves to give every constituent some tangible benefit from the resource and create a political constituency to protect and preserve the Fund. Keywords: Natural resources; Jay Hammond; Alaska Permanent Fund; Permanent Fund Dividend; Alaska model; Resource curse (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:etbchp:978-3-030-72416-0_3 Ordering information: This item can be ordered from DOI: 10.1007/978-3-030-72416-0_3 Access Statistics for this chapter More chapters in Exploring the Basic Income Guarantee from Palgrave Macmillan |
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