ABSTRACT

The relationship between natural capital and economic growth is an open debate in the   field of economic development. Is an abundance of natural resources a blessing or a curse for economic performance? The field of Economic History offers an excellent vantage to explore the relevance of institutions, technical progress and supply-demand drivers.

Natural Resources and Economic Growth contains theoretical and empirical articles by leading scholars who have studied this subject in different historical periods from the 19th century to the present day and in different parts of the world. Part I presents the theoretical issues and discusses the meaning of the "curse" and the relevance of the historical perspective. Part II captures the diversity of experiences, presenting thirteen independent case studies based on historical results from North and South America, Africa, Asia, Oceania and Europe.

This book emphasizes that an abundance of natural resources is not a fixed situation. It is a process that reacts to changes in the structure of commodity prices and factor endowments, and progress requires capital, labour, technical change and appropriate institutional arrangements. This abundance is not a given, but is part of the evolution of the economic system. History shows that institutional quality is the key factor to deal with abundant natural resources and, especially, with the rents derived from their use and exploitation.

This wide ranging volume will be of great relevance to all those with an interest in economic history, development, economic growth, natural resources, world history and institutional economics.

chapter 1|25 pages

Introduction

Natural resources and economic development – what can we learn from history?

chapter 2|28 pages

From resource curse to rent curse

A theoretical perspective

chapter 3|23 pages

Scarcity, frontiers and the resource curse

A historical perspective 1

chapter 4|23 pages

Botswana

Caught in a natural resource trap 1

chapter 5|19 pages

Oil as sweet as honey

Linking natural resources, government institutions and domestic capital investment in Nigeria 1960–2000

chapter 8|24 pages

Oil illusion and delusion

Mexico and Venezuela over the twentieth century

chapter 9|20 pages

Public finances and natural resources in Bolivia, 1883–2010

Is there a fiscal curse? 1

chapter 10|22 pages

Long-run development in Chile and natural resource curse

Linkages, policy and growth, 1850–1950 1

chapter 11|22 pages

Mixed blessings

Mining in Indonesia's economy, 1870–2010

chapter 12|23 pages

Land abundance, frontier expansion and appropriability

Settler economies during the first globalization 1

chapter 13|23 pages

The lucky country syndrome in Australia

Resources, social democracy and regimes of development in historical political economy perspective

chapter 15|26 pages

Avoiding the resource curse?

Democracy and natural resources in Norway since 1900