© 2017

The Curse of Natural Resources

A Developmental Analysis in a Comparative Context


  • Shifts focus from economic growth data to human development and sustainable savings

  • Distinguishes the effects of different resources from an institutional perspective

  • Explores the historical roots of institutions that can cope with the resource-development contradiction


Table of contents

  1. Front Matter
    Pages i-xix
  2. Sevil Acar
    Pages 1-6
  3. Sevil Acar
    Pages 7-31
  4. Sevil Acar
    Pages 61-119
  5. Sevil Acar
    Pages 159-163
  6. Back Matter
    Pages 165-244

About this book


This book examines the paradox that resource-rich countries often struggle to manage their resources in a way that will help their economies thrive. It looks at how a country's political regime and quality of governance can determine the degree to which it benefits - or suffers - from having natural resources, shifting away from the traditional focus on economic growth data to study the complex implications of these resources for human well-being and sustainable development. To this end, Acar examines a panel of countries in terms of the effects of their natural resources on human development and genuine saving, which is a sustainability indicator that takes into account the welfare of future generations by incorporating the changes in different kinds of capital. Acar finds that the exportation of agricultural raw materials is associated with significant deterioration in human development, while extractive resource exports, such as energy and minerals, have negative implications for genuine savings. Next, the book compares the development path of Norway before and after discovering oil, contrasting it with Sweden's development. The two countries, which followed almost identical paths until the 1970s, diverged significantly in terms of per capita income after Norway found oil.


Adjusted net saving genuine saving green accounting human development natural capital sustainable development intergenerational equity welfare norway sweden business Economic Development economic growth environment Export macroeconomics management natural resources sustainability management natural resource extraction

Authors and affiliations

  1. 1.Istanbul Kemerburgaz UniversityIstanbulTurkey

About the authors

Sevil Acar is Associate Professor of Economics at Istanbul Kemerburgaz University, Turkey. Her research focuses on environmental and resource economics, particularly natural capital accounting, sustainability, fossil fuel subsidies, and the resource curse. Her articles have appeared in Structural Change and Economic Dynamics, Ecological Economics, International Review of Environmental and Resource Economics, Ecological Indicators, and Energy Policy.

Bibliographic information