Natural Resources and Socio-Economic Progress

• Main Author: L. M. Kapitsa
• Format: Article
• Language: English
• Published: MGIMO University Press 2014-08-01
• Series: Vestnik MGIMO-Universiteta
• Subjects: "ресурсное проклятье"; "парадокс изобилия"; "голландская болезнь»; «эффект гронингена»; "resource curse"; "paradox of plenty"; volatility of export revenues; structural development problems; systemic development problems; sustainability of economic backwardness; multistructural and multisectoral character of the economy; terms of foreign trade; national elites; rent-oriented behavior; lobbing; a resource movement effect; a spending effect? trade liberalization effect; imperfect substitution; "dutch disease"; groningen effect; sovereign wealth funds
• Online Access: https://www.vestnik.mgimo.ru/jour/article/view/174

The article reviews international debates on development problems of the resource-based economies. It draws atten tion to causes and mechanisms of the so-called "resource curse" and symptoms of systemic breakdowns and stagnant phenomena in resource-based economies named "Dutch disease". Specific attention is given to the role of national elites and institutions in the emergence of "Dutch disease", preservation of economic backwardness and/or de-industrialization of resource-rich countries. The author also considers new approaches to resolving the problem of'resource-curse", in particular, return to traditional instruments of economic diversification as industrialization and protectionism.