Is Natural Resource Wealth a ‘Blessing’ or a ‘Curse’ for Economic Growth?

Is Natural Resource Wealth a ‘Blessing’ or a ‘Curse’ for Economic Growth?

Loading document ...
Loading page ...


Author(s): Aydan Mohnatova

Download Full PDF Read Complete Article

DOI: 10.18483/ijSci.2540 13 54 10-13 Volume 10 - Dec 2021


Due to research and debate over this topic, studies have shown that a dependency on resources weaken economies and then in turn lead them to have a toll on human development index, nourishment of the population, life expectancy or availability of water (Bulte, Damania, and Robert T. Deacon 2005).


Natural Resource, Economic Growth


  1. Acemoglu, Daron, and James A. Robinson. 2006. “Eco- nomic Backwardness in Political Perspective.” American Political Science Review, 100(1): 115–31.
  2. Arezki, Rabah, Kirk Hamilton and Kazim Kazimov, 2011, “Resource Windfalls, Macroeconomic Stability and Growth: The Role of Political Institutions,” (International Monetary Fund: Washington DC), May.
  3. Auty, R. (1994). ‘Industrial Policy Reform in Six Large Newly Industrializing Countries: The Resource Curse Thesis’, World Development, 22 (1): 11-26.
  4. Blattman, C., Hwang, J. & Williamson, J. (2007) The impact of the terms of trade on economic development in the periphery, 1870-1939: volatility and secular change. NBER Working Paper Series.
  5. Brunnschweiler, C. (2007) ‘Cursing the blessing? natural resource abundance, institutions and economic Growth’, World Development, 36 (3): pp. 399-419.
  6. Bulte, E.H., Damania, R. & Deacon, R.T., 2005. Resource intensity, institutions, and development. World Development, 33(7), pp.1029–1044.
  7. Collier, P. (2007). The Bottom Billion: Why the Poorest Countries are Falling and What Can Be Done About It, Oxford University Press [Ch 3].
  8. Edwards, Sebastian, 1986, “A Commodity Export Boom and the Real Exchange Rate: The Money-Inflation Link,” in Neary and van Wijnbergen, eds., Natural Resources and the Macroeconomy (MIT Press: Cambridge).
  9. Engerman, Stanley, and Kenneth Sokoloff, 1997, “Factor Endowments, Institutions, and Differential Paths of Growth among New World Economies: A View from Economic Historians of the United States,” in How Latin America Fell Behind, edited by Stephen Haber (Stanford University Press), 260-304.
  10. Gylfason, Thorvaldur, Tryggvi Thor Herbertsson, and Gylfi Zoega, 1999, “A Mixed Blessing,” Macroeconomic Dynamics, 3: 204-225 (Cambridge University Press).
  11. Huntington, Samuel, 1991, The Third Wave: Democratization in the Late Twentieth Century (University of Oklahoma Press: Norman, Oklahoma).
  12. Jacks, David, Kevin O‟Rourke and Jeffrey Williamson, 2011, “Commodity Price Volatility and World Market Integration,” Review of Economics and Statistics, Aug. 93, no.3, 800-813.
  13. Medas, Paolo, and Daria Zakharova, 2009, “Primer on Fiscal Analysis in Oil-Producing Countries,” IMF working paper 56, March.
  14. Loutskina, E. & Strahan, P.E., 2015. Financial integration, housing, and economic volatility. Journal of Financial Economics, 115(1), pp.25–41.
  15. Parker, Matthew, 2011, The Sugar Barons: Family, Corruption, Empire, and War in the West Indies, (Walker and Co.).
  16. Perkins, D., and M. Syquin, “Large countries: The influence of size,” in H. B. Chenery, H. B. and T. N. Srinivasan (Eds.), Handbook of Development Economics (New York: North-Holland, 1989), pp. 1691-1753.
  17. Rodrik, Dani, Arvind Subramanian, and Francesco Trebbi, 2003, “Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development,” Journal of Economic Growth 9, no. 2, 131-165. CID Working Paper No. 97, 2002.
  18. Ross, Michael, 2001, “Does Oil Hinder Democracy?” World Politics 53, no.3, 325-61.
  19. Rosser, A. (2006). ‘The Political Economy of the Resource Curse: A Literature Survey’, Institute for Development Studies Working Paper, no. 268.
  20. Sachs, Jeffrey, and Andrew Warner, 1995, “Natural Resource Abundance and Economic Growth,” in G. Meier and J. Rauch, eds., Leading Issues in Economic Development, New York: Oxford University Press. NBER WP 5398.
  21. Solow, Robert, 1986, “On the Intergenerational Allocation of Natural Resources,” The Scandinavian Journal of Economics, Vol. 88, No. 1, pp. 141-149.
  22. Torvik, R., 2009. Why do some resource-abundant countries succeed while others do not? Oxford Review of Economic Policy, 25(2), pp.241–256.
  23. Van der Ploeg, Frederick, 2010, “Natural Resources: Curse or Blessing?” May. Forthcoming, Journal of Economic Literature.
  24. Vandewalle, Dirk, 1998, Libya since Independence: Oil and State-Building (Cornell University Press: Ithaca NY).

Cite this Article:

International Journal of Sciences is Open Access Journal.
This article is licensed under a Creative Commons Attribution 4.0 International (CC BY 4.0) License.
Author(s) retain the copyrights of this article, though, publication rights are with Alkhaer Publications.

Search Articles

Issue June 2023

Volume 12, June 2023

Table of Contents

World-wide Delivery is FREE

Share this Issue with Friends:

Submit your Paper