Escaping the Resource Curse / Edition 1

Escaping the Resource Curse / Edition 1

by Macartan Humphreys
     
 

The wealth derived from natural resources can have a tremendous impact on the economics and politics of producing countries. In the last quarter century, we have seen the surprising and sobering consequences of this wealth, producing what is now known as the "resource curse." Countries with large endowments of natural resources, such as oil and gas, often do worse

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Overview

The wealth derived from natural resources can have a tremendous impact on the economics and politics of producing countries. In the last quarter century, we have seen the surprising and sobering consequences of this wealth, producing what is now known as the "resource curse." Countries with large endowments of natural resources, such as oil and gas, often do worse than their poorer neighbors. Their resource wealth frequently leads to lower growth rates, greater volatility, more corruption, and, in extreme cases, devastating civil wars.

In this volume, leading economists, lawyers, and political scientists address the fundamental channels generated by this wealth and examine the major decisions a country must make when faced with an abundance of a natural resource. They identify such problems as asymmetric bargaining power, limited access to information, the failure to engage in long-term planning, weak institutional structures, and missing mechanisms of accountability. They also provide a series of solutions, including recommendations for contracting with oil companies and allocating revenue; guidelines for negotiators; models for optimal auctions; and strategies to strengthen state-society linkages and public accountability.

The contributors show that solutions to the resource curse do exist; yet, institutional innovations are necessary to align the incentives of key domestic and international actors, and this requires fundamental political changes and much greater levels of transparency than currently exist. It is becoming increasingly clear that past policies have not provided the benefits they promised. Escaping the Resource Curse lays out a path for radically improving the management of the world's natural resources.

Columbia University Press

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Product Details

ISBN-13:
9780231141963
Publisher:
Columbia University Press
Publication date:
05/15/2007
Series:
Initiative for Policy Dialogue Series
Edition description:
New Edition
Pages:
432
Sales rank:
886,873
Product dimensions:
6.30(w) x 9.10(h) x 1.00(d)
Age Range:
18 Years

Table of Contents


Foreword   George Soros     xi
Acknowledgments     xvii
Introduction: What Is the Problem with Natural Resource Wealth?   Macartan Humphreys   Jeffrey D. Sachs   Joseph E. Stiglitz     1
Dealing with Oil Corporations     21
What Is the Role of the State?   Joseph E. Stiglitz     23
How to Evaluate the Fiscal Terms of Oil Contracts   David Johnston     53
How to Negotiate an Oil Agreement   Jenik Radon     89
How Best to Auction Oil Rights   Peter Cramton     114
Managing the Macroeconomy     153
Are Oil Producers Rich?   Geoffrey Heal     155
How to Handle the Macroeconomics of Oil Wealth   Jeffrey D. Sachs     173
The Political Economy of Natural Resource Funds   Macartan Humphreys   Martin E. Sandbu     194
Handling the Politics     235
How Mineral-Rich States Can Reduce Inequality   Michael L. Ross     237
Ensuring Fairness: The Case for a Transparent Fiscal Social Contract   Terry Lynn Karl     256
Critical Issues for a Revenue Management Law   Joseph C. Bell   Teresa Maurea Faria     286
Future Directionsfor the Management of Natural Resources   Macartan Humphreys   Jeffrey D. Sachs   Joseph E. Stiglitz     322
Appendices     337
Abridged Sao Tome and Principe Oil Law     339
Abridged Timor-Leste Oil Law     367
Glossary of Oil Terms     375
Web Site References     389
Contributors     391
Index     397

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