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Why do some resource-abundant countries succeed while others do not?

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  • Ragnar Torvik

Abstract

On average, resource-abundant countries have experienced lower growth over the last four decades than their resource-poor counterparts. But the most interesting aspect of the paradox of plenty is not the average effect of natural resources, but its variation. For every Nigeria or Venezuela there is a Norway or a Botswana. Why do natural resources induce prosperity in some countries but stagnation in others? This paper gives an overview of the dimensions along which resource-abundant winners and losers differ. In light of this, it then discusses different theory models of the resource curse, with a particular emphasis on recent developments in political economy. Copyright 2009, Oxford University Press.

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  • Ragnar Torvik, 2009. "Why do some resource-abundant countries succeed while others do not?," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 25(2), pages 241-256, Summer.
    • Handle: RePEc:oup:oxford:v:25:y:2009:i:2:p:241-256
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    File URL: http://hdl.handle.net/10.1093/oxrep/grp015
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