The Curse of Natural Resources Paradox of Abundance: the Case of Venezuela
DOI:
https://doi.org/10.18662/lumenlaw/12.1/87Keywords:
curse, natural resources, industry, economy, Venezuela, developmentAbstract
In the middle of the 20th century, interest in the study of growth arose and the development of the world's economies, especially those on the African continent. The independence of African people after the second world war showed how lack of industrialization and high dependency of natural resources brought a very low economic growth in most of these countries. Although the abundance of natural resources can mean wealth and prosperity to a nation, inefficient exploitation of these resources makes this event a curse and not a blessing. For this reason, the theory of the curse of natural resources appears, which explains the fact that countries rich in these resources are much more vulnerable to low rates of growth and development. In this sense, the present study examines how it materializes this economic phenomenon in Venezuela Finally, it will be shown how institutional weakness and inefficient exploitation of comparative advantage of the territory have become the biggest obstacles to get rid of the curse of natural resources.
References
Auty, R. (1990). Resource-based industrialization: Sowing the oil in eight developing countries. Estados Unidos de América: Oxford University Press
Baptista, A. (2016). Quantitative bases of the Venezuelan economy, 1830-2002. Venezuela: Empresas Polar Foundation, 2006; Central Bank of Venezuela: National Consumer Price Index, Caracas. http://www.bcv.org.ve/excel/4_5_7.xls?id=410
Ferrufino, R. (2007). La maldición de los recursos naturales, Coloquios Económicos no.7, Primera edición, Fundación Milenio, La Paz: 8-10
Gelb, A. (1988). Oil windfalls. Blessing or Curse? Estados Unidos de América: World Bank, Oxford University Press
Gerlagh, R., Papyrakis, E. (2004). The resource curse hypothesis and its transmission channels. Journal of Comparative Economics. 32: 181-193
James, A. (2014). The resource curse: a statistical mirage?. Oxford Centre for the Analysis of Resource Rich Economies., Paper 145
Lederman, D., Maloney, W. (2007). Natural resources, neither curse nor destiny. World Bank Publications, Standford University Press
Martin, R. D. (2021). América Latina y la maldición de los recursos: el debate en la larga duración, El trimestre económico, 88(3), núm. 351:769-806.
Martin, R. D. ( 2021). América Latina y la maldición de los recursos: el debate en la larga duración, El trimestre económico. 88(3)351:769-806.
Rodrik, D. (2000). Participatory politics, social cooperation, and economic stability. The American Economic Review. 90(2):140-144.
Rostow, W.W. (1960). The stages of economic growth: A non-communist manifesto. United Kingdom: Cambridge University Press.
Sachs, J.D., Warner, A. M. (1995). Natural resource abundance and economic growth. National Bureau of economic research, Working Paper 5398.
Vásquez, I. (2017). No existe la maldición de los recursos naturales, El Comercio (Perú) el 14 de enero
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 The Authors & LUMEN Publishing House

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant this journal right of first publication, with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work, with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g. post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g. in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as an earlier and greater citation of published work (See The Effect of Open Access).
LUMEN Law Journal has an Attribution-NonCommercial-NoDerivs
CC BY-NC-ND