Escaping the Resource Curse

Edited by Macartan Humphreys, Jeffrey D. Sachs, and Joseph E. Stiglitz

eISBN: 9780231512107

2007 (432 pages )

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Download Complete Book Download
(pages 1-432)
Complete Book Download (pages 1-432)

Download Table of Contents
(pages 9-10)
Table of Contents (pages 9-10)

Download Foreword. George Soros
(pages 11-16)
Foreword. George Soros (pages 11-16)

Download Ackowledgments
(pages 17-20)
Ackowledgments (pages 17-20)

Download 1. Introduction: What Is the Problem with Natural Resource Wealth? Macartan Humphreys, Jeffrey D. Sachs, and Joseph E. Stiglitz
(pages 21-40)
1. Introduction: What Is the Problem with Natural Resource Wealth? Macartan Humphreys, Jeffrey D. Sachs, and Joseph E. Stiglitz (pages 21-40)

Download Part I: Dealing with Oil Corporations
(pages 41-42)
Part I: Dealing with Oil Corporations (pages 41-42)

Download 2. What Is the Role of the State? Joseph E. Stiglitz
(pages 43-72)
2. What Is the Role of the State? Joseph E. Stiglitz (pages 43-72)

Download 3. How to Evaluate the Fiscal Terms of Oil Contracts. David Johnston
(pages 73-108)
3. How to Evaluate the Fiscal Terms of Oil Contracts. David Johnston (pages 73-108)

Download 4. How to Negotiate an Oil Agreement. Jenik Radon
(pages 109-133)
4. How to Negotiate an Oil Agreement. Jenik Radon (pages 109-133)

Download 5. How Best to Auction Oil Rights. Peter Cramton
(pages 134-172)
5. How Best to Auction Oil Rights. Peter Cramton (pages 134-172)

Download Part II: Managing the Macroeconomy
(pages 173-174)
Part II: Managing the Macroeconomy (pages 173-174)

Download 6. Are Oil Producers Rich? Geoffrey Heal
(pages 175-192)
6. Are Oil Producers Rich? Geoffrey Heal (pages 175-192)

Download 7. How to Handle the Macroeconomics of Oil Wealth. Jeffrey D. Sachs
(pages 193-213)
7. How to Handle the Macroeconomics of Oil Wealth. Jeffrey D. Sachs (pages 193-213)

Download 8. The Political Economy of Natural Resource Funds. Macartan Humphreys and Martin E. Sandbu
(pages 214-254)
8. The Political Economy of Natural Resource Funds. Macartan Humphreys and Martin E. Sandbu (pages 214-254)

Download Part III: Handling the Politics
(pages 255-256)
Part III: Handling the Politics (pages 255-256)

Download 9. How Mineral-Rich States Can Reduce Inequality. Michael L. Ross
(pages 257-275)
9. How Mineral-Rich States Can Reduce Inequality. Michael L. Ross (pages 257-275)

Download 10. Ensuring Fairness: The Case for a Transparent Fiscal Social Contract. Terry Lynn Karl
(pages 276-305)
10. Ensuring Fairness: The Case for a Transparent Fiscal Social Contract. Terry Lynn Karl (pages 276-305)

Download 11. Critical Issues for a Revenue Management Law. Joseph C. Bell and Teresa Maurea Faria
(pages 306-341)
11. Critical Issues for a Revenue Management Law. Joseph C. Bell and Teresa Maurea Faria (pages 306-341)

Download 12. Future Directions for the Management of Natural Resources. Macartan Humphreys, Jeffrey D. Sachs, and Joseph E. Stiglitz
(pages 342-358)
12. Future Directions for the Management of Natural Resources. Macartan Humphreys, Jeffrey D. Sachs, and Joseph E. Stiglitz (pages 342-358)

Download Appendix 1. Abridged Sao Tome and Principe Oil Law
(pages 359-386)
Appendix 1. Abridged Sao Tome and Principe Oil Law (pages 359-386)

Download Appendix 2. Abridged Timor-Leste Oil Law
(pages 387-394)
Appendix 2. Abridged Timor-Leste Oil Law (pages 387-394)

Download Appendix 3. Glossary of Oil Terms
(pages 395-408)
Appendix 3. Glossary of Oil Terms (pages 395-408)

Download Appendix 4. Web Site References
(pages 409-410)
Appendix 4. Web Site References (pages 409-410)

Download Contributors
(pages 411-416)
Contributors (pages 411-416)

Download Index
(pages 417-432)
Index (pages 417-432)

Escaping the Resource Curse

The wealth derived from natural resources can have a tremendous impact on the economics and politics of producing countries. In the last quarter century, we have seen the surprising and sobering consequences of this wealth, producing what is now known as the "resource curse." Countries with large endowments of natural resources, such as oil and gas, often do worse than their poorer neighbors. Their resource wealth frequently leads to lower growth rates, greater volatility, more corruption, and, in extreme cases, devastating civil wars.

In this volume, leading economists, lawyers, and political scientists address the fundamental channels generated by this wealth and examine the major decisions a country must make when faced with an abundance of a natural resource. They identify such problems as asymmetric bargaining power, limited access to information, the failure to engage in long-term planning, weak institutional structures, and missing mechanisms of accountability. They also provide a series of solutions, including recommendations for contracting with oil companies and allocating revenue; guidelines for negotiators; models for optimal auctions; and strategies to strengthen state-society linkages and public accountability.

The contributors show that solutions to the resource curse do exist; yet, institutional innovations are necessary to align the incentives of key domestic and international actors, and this requires fundamental political changes and much greater levels of transparency than currently exist. It is becoming increasingly clear that past policies have not provided the benefits they promised. Escaping the Resource Curse lays out a path for radically improving the management of the world's natural resources.

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Table of Contents

Escaping the Resource Curse