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Political economy, Mr. Churchill, and natural resources

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  • Gylfason, Thorvaldur

Abstract

The article recalls Winston Churchill's advocacy of public ownership of natural resources in Africa in the early 1900s. Following a brief discussion of different countries' methods of natural resource management, empirical evidence of the cross-country relationship between economic and political diversification and per capita national income is presented to suggest a new channel through which excessive dependence on poorly managed natural resources, including oil and other minerals, may hamper economic and social progress. Constitutional issues, democracy, and human rights are brought to bear on the story to underline the conceptual distinction between state ownership and national ownership of natural resources.

Suggested Citation

  • Gylfason, Thorvaldur, 2018. "Political economy, Mr. Churchill, and natural resources," Munich Reprints in Economics 62852, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:62852
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    Cited by:

    1. Thorvaldur Gylfason & Jean-Pascal N. Nganou, 2025. "Balancing Natural Resources and Human and Social Capital: Pathways to Economic Diversification in Mongolia," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 67(2), pages 289-325, June.
    2. Sinha, Avik & Sengupta, Tuhin, 2019. "Impact of natural resource rents on human development: What is the role of globalization in Asia Pacific countries?," Resources Policy, Elsevier, vol. 63(C), pages 1-1.
    3. Oasis Kodila-Tedika, 2021. "Natural resource governance: does social media matter?," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 34(1), pages 127-140, April.
    4. Friedrich Heinemann, 2021. "The political economy of euro area sovereign debt restructuring," Constitutional Political Economy, Springer, vol. 32(4), pages 502-522, December.

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