Abstract

This chapter examines the links between natural resource extraction and development. It has become widely agreed that natural resources are often associated with negative development outcomes—a phenomenon known as the ‘resource curse’. Despite its popularity in policy circles, the resource curse literature has been significantly critiqued by academics for, among other issues, a narrow focus on national-level governance. Following a critical discussion of this debate, I argue that while institutions are important, resource materiality tends to be overlooked. The particular material character of mineral resources, particularly oil, necessarily embeds its extraction activity in an exclusive network of state actors, international oil companies and finance. This in turn shapes and constrains the types of development outcomes that can be gained.

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