Eric De Muynck
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The resource curse (Paradox of Plenty) refers to the paradox that countries and regions with an abundance of natural resources , specifically point-source non-renewable resources like minerals and fuels , tend to have less economic growth and worse development outcomes than countries with fewer natural resources. This is hypothesized to happen for many different reasons, including a decline in the competitiveness of other economic sectors (caused by appreciation of the real exchange rate as resource revenues enter an economy), volatility of revenues from the natural resource sector due to exposure to global commodity market swings, government mismanagement of resources, or weak, ineffectual, unstable or corrupt institutions (possibly due to the easily diverted actual or anticipated revenue stream from extractive activities). [ edit ] Resource curse thesis Ten years from now, twenty years from now, you will see: oil will bring us ruin … Oil is the Devil’s excrement.
NEXT month Obiang Nguema will celebrate the 30th anniversary of his coup against his genocidal uncle, Macias Nguema. Since then he has shown a deft ability to stay put in the face of numerous coup attempts, bitter rivalry in his ruling clan of the Fang group, and efforts by foreign mercenaries to get rid of him. One of Africa's last “big men”, he is the longest-serving leader south of the Sahara, since Gabon's Omar Bongo died last month. But he has barely benefited his 600,000-plus subjects. The former Spanish colony struck oil in the 1990s and is sub-Saharan Africa's fourth-largest exporter after Angola, Nigeria and Sudan.
With gas prices hitting record levels this summer, and violence in the Middle East unabated, America has been scouring the globe searching for new sources of oil. And one could be Equatorial Guinea, a tiny nation that's been dubbed the Kuwait of Africa because it has so few people and so much oil. It used to be called the armpit of Africa because it was so desperately poor. But since the discovery of oil 10 years ago, that has started to change.
In economics , the Dutch disease is the apparent relationship between the increase in exploitation of natural resources and a decline in the manufacturing sector . The mechanism is that an increase in revenues from natural resources (or inflows of foreign aid) will make a given nation's currency stronger compared to that of other nations (manifest in an exchange rate ), resulting in the nation's other exports becoming more expensive for other countries to buy, making the manufacturing sector less competitive . While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign currency , including a sharp surge in natural resource prices, foreign assistance , and foreign direct investment ". [ 1 ] The term was coined in 1977 by The Economist to describe the decline of the manufacturing sector in the Netherlands after the discovery of a large natural gas field in 1959. [ 2 ] [ edit ] The "Core Model"
Programme Paper Andrew Wood, March 2013 ECRAN Paper Kevin Latham and Bin Wu, March 2013 Briefing Paper Mark Harrison and Debin Ma, March 2013
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