Mineral resources as a factor of economic growth and global competitiveness

V. B. Kondratiev

Diverse experience of natural resource-rich countries shows that their wealth by itself is neither a drive nor an obstacle for their economic growth. The effect of natural wealth depends on the efficiency of resource management. The question of what the efficient management of natural wealth revenues should actually be still remains largely undetermined. With this in mind the author focuses on the economic policy aspects. The article is an overview of a variety of institutional mechanisms and approaches for the negotiation of Dutch disease and analyzes the advantages and shortcomings of the economic policy with respect to natural resources.

Key words: natural resources, economic growth, industrial policy, efficiency, resource nationalism

Mining Industry Journal №1 2014, p.6