Political Economy of Natural Resource Management
Summary
The political economy of natural resource management examines how power, institutions and economic incentives shape the extraction, distribution and governance of minerals, hydrocarbons and forestry resources. It explores why resource-rich states sometimes experience accelerated growth and development while others fall prey to the “resource curse” of stagnation, conflict and inequality. Central themes include the role of rent-seeking behaviour in diverting public revenues, the design of fiscal regimes to capture and allocate resource rents, and the impact of institutional quality on investment decisions. Scholars analyse multistage processes—from exploration and revenue collection to public spending and volatility management—and draw on comparative case studies to identify best practices. By highlighting the interplay between global commodity markets, domestic governance structures and societal outcomes, this field offers practical guidance for policymakers seeking to transform resource wealth into sustainable and inclusive development.
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Political Economy of Natural Resource Management publication trend
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Technical terms
Resource curse: The paradox whereby countries with abundant natural resources may experience slower economic growth, weaker governance and greater conflict than resource-poor countries.
Natural resource rent: The surplus value of a resource calculated as market price minus extraction and production costs, representing potential public revenue.
Rent-seeking: Activities by individuals or groups aimed at capturing resource rents through non-productive means, such as lobbying or corruption.
Fiscal regime: The set of rules and institutions governing how governments tax, collect and allocate revenues from resource extraction.
References
- The influences of economic progress, natural resources, and capitalization on financial development in the United States. Innovation and Green Development (2024).
- Resource development and governance declines: The case of the Chad–Cameroon petroleum pipeline. Energy Economics (2023).
- Natural resource curse: A literature survey and comparative assessment of regional groupings of oil-rich countries. Resources Policy (2023).
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