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Natural Resources and the Alaska Model

In: Common Wealth Dividends

Author

Listed:
  • Brent Ranalli

    (The Cadmus Group)

Abstract

In the 1960, oil was discovered on Alaska’s North Slope. Under the leadership of Governor Jay Hammond, Alaska established a Permanent Fund in 1976 to receive a portion of the oil revenues for purposes of investment and in 1982 began issuing dividends to every Alaska resident out of the Permanent Fund’s earnings. The “Alaska model” has inspired many imitations involving a wide range of resources. It is also recognized internationally as a template for responsible management of non-renewable resources. Placing the resource rents into a dedicated Fund serves to (a) preserve them so they can continue to benefit future generations, and (b) mitigate the “resource curse” (lax fiscal discipline, lack of accountability, corruption) that often accompanies mineral extraction when rents go directly into government coffers. Issuing dividends from investments serves to give every constituent some tangible benefit from the resource and create a political constituency to protect and preserve the Fund.

Suggested Citation

  • Brent Ranalli, 2021. "Natural Resources and the Alaska Model," Exploring the Basic Income Guarantee, in: Common Wealth Dividends, chapter 0, pages 31-55, Palgrave Macmillan.
    • Handle: RePEc:pal:etbchp:978-3-030-72416-0_3
    DOI: 10.1007/978-3-030-72416-0_3
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