The Political Economy of Natural Resources and Rentier States
12 videos • 65 views • by Dərslər Online Natural resources can generate vast sums, in many cases larger than official development assistance or other forms of national income. If managed prudently, natural resource wealth can have a substantial impact on a country’s sustainable development efforts, and in addition to the capital flows, natural resources can have many other direct and indirect influences and benefits for an economy. But those benefits are far from automatic and in fact, in many cases natural resource wealth is not spontaneously transformed into long term sustainable development. This course aims to build knowledge in order to make the most of oil, gas, and minerals, while mitigating the risks that these industries bring. It outlines the various complex and interrelated aspects of natural resource governance, including: (1) understanding the governance and industry fundamentals; (2) developing and implementing robust and transparent legal frameworks; (3) designing fiscal regimes to capture a fair share of the revenues; (4) managing environmental risks; (5) engaging with communities; (6) leveraging investments for infrastructure and business linkages; and (7) managing revenues for economic diversification and development, among others. It explores the major effects of the ‘rentier economy’ and natural resources on democracy and state building, as well as the role of reforms in prevention of the ‘resource curse’. The course analyses the role of the natural resources in conflicts, including domestic and interstate wars. It explores the implications of the rentier economies for development of democratic institutions, such as the opposition, putting it in comparative perspective. It will illuminate the concept of ‘resource nationalism’ as disincentive of integration. It also contributes to the debate on ‘resource curse’, bringing in a historical perspective to the analysis of the effects of ‘oil booms’.