Innovation and Growth in Resource Rich Countries
Numerous resource rich economies have been far more dynamic than those in Latin America and there is little long term evidence that natural resource abundant countries generally under perform. But two factors historically distinguish Latin America from the more successful experiences of Scandinavia or Australia. First, deficient national "learning" or "innovative" capacity arising from low investment in human capital and scientific infrastructure led to weak ability to innovate or even take advantage of technological advances abroad. Second, the period of inward looking industrialization created a sector whose growth depended on artificial monopoly rents rather than the quasi-rents arising from technological adoption, and at the same time undermined resource intensive sectors that had the potential for dynamic growth.
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