Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies

Business & Finance, Economics, Economic Development
Cover of the book Understanding and Avoiding the Oil Curse in Resource-rich Arab Economies by Ibrahim Elbadawi, Hoda Selim, Cambridge University Press
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Author: Ibrahim Elbadawi, Hoda Selim ISBN: 9781316653227
Publisher: Cambridge University Press Publication: July 14, 2016
Imprint: Cambridge University Press Language: English
Author: Ibrahim Elbadawi, Hoda Selim
ISBN: 9781316653227
Publisher: Cambridge University Press
Publication: July 14, 2016
Imprint: Cambridge University Press
Language: English

For over eighty years the Arab region has derived massive wealth from its natural resources, yet the region's economies remain little diversified, while the oil market is experiencing major structural shifts with the advent of shale gas. Moreover, the resource itself is eventually exhaustible. Under these conditions economic prosperity cannot be sustainable. The critical question is how can the countries of this region escape the 'oil curse'? In this volume, leading economists argue that the curse is not a predestined outcome but a result of weak institutions and bad governance. A variety of analytical perspectives and examination of various international case studies leads to the conclusion that natural resources can only spur economic development when combined with sound political institutions and effective economic governance. This volume, with its unique focus on the Arab region, will be an important reference for researchers and policymakers alike.

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For over eighty years the Arab region has derived massive wealth from its natural resources, yet the region's economies remain little diversified, while the oil market is experiencing major structural shifts with the advent of shale gas. Moreover, the resource itself is eventually exhaustible. Under these conditions economic prosperity cannot be sustainable. The critical question is how can the countries of this region escape the 'oil curse'? In this volume, leading economists argue that the curse is not a predestined outcome but a result of weak institutions and bad governance. A variety of analytical perspectives and examination of various international case studies leads to the conclusion that natural resources can only spur economic development when combined with sound political institutions and effective economic governance. This volume, with its unique focus on the Arab region, will be an important reference for researchers and policymakers alike.

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