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Saturday, 22nd August 2009

Rule of law, property rights, and open markets needed for developing nations to avoid “resource curse”

Rule of law, property rights, and open markets needed for developing nations to avoid “resource curse”
Source: Fraser Institute

Countries rich in natural resources need sound economic institutions such as rule of law, property rights, open markets, and an independent judiciary in order to grow their economies and avoid the “resource curse,” concludes a new study from independent research organization the Fraser Institute.

In recent years debate has flared over whether an abundance of natural resources, such as minerals and metals, oil, agricultural resources and so on, stimulates economic growth or acts as a hindrance to growth, a concept known as the “curse” of natural resources. Proponents of the idea of a “resource curse” point to nations such as oil-rich Nigeria and Venezuela and diamond-rich Sierra Leone, which experienced lower, and at times negative, rates of economic growth compared to nations that lack natural resources. As more developing nations seek to utilize natural resource revenues to expand their economy, the debate has intensified.

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