Abstract
Abstract This chapter reviews the role of natural resources in theories of economic development and considers the degree to which scarcity of natural resources constitutes a limitation on growth. This is followed by a discussion of theories that regard primary commodity export-led growth as incompatible with broadly based and sustained development. The chapter then examines some of the conditions created by primary commodity exports that may impede sustainability, with special reference to the ‘Dutch disease’. (Chapter 3 discusses the policies that mineral-exporting countries should adopt in order to avoid the symptoms of the Dutch disease and other factors that impair sustainability.) Finally, Chapter 2 examines the finding that resource-abundant countries have lower economic growth than resource-scarce developing countries, a phenomenon which has been called the ‘resource curse’.
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