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Natural resource curse versus Dutch disease: the explanatory primacy of New Developmentalism over the paradox of plenty

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  • Isaias Albertin de Moraes

    (Universidade Federal do ABC, Programa de Pós-graduação em Economia Política Mundial, São Bernardo do Campo, SP, Brazil)

Abstract

This article reevaluates the two main explanatory approaches to the paradox of plenty: natural resource curse and Dutch disease. It is argued that the neo-institutionalism literature, while relevant for identifying political pathologies and rent capture incentives, operates predominantly at the level of effects rather than causes. The neoclassical model of Dutch disease, in turn, is limited to temporary price shocks. The article contends that Dutch disease, reformulated by New Developmentalism as an endogenous and chronic market coordination failure − anchored in Ricardian rents and multiple exchange rate equilibria − constitutes the structuring mechanism. The article proposes and formalizes a typology of models within the natural resource curse and Dutch disease theories. JEL Classification: F41; O11; O13; O25; P16.

Suggested Citation

  • Isaias Albertin de Moraes, 2026. "Natural resource curse versus Dutch disease: the explanatory primacy of New Developmentalism over the paradox of plenty," Brazilian Journal of Political Economy, FGV EAESP, vol. 46(2), pages 263805-2638, May.
    • Handle: RePEc:ekm:repojs:v:46:y:2026:i:2:id:98258
    DOI: 10.1590/3086-44612026-3805
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    Keywords

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    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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