Resource Abundance and Economic Development

By R. M. Auty | Go to book overview

access to education, their continuation relied upon the state largesse that the high oil rents had provided. Data on income inequality are not available, but the windfall deployment opened a wide gap between the well-connected elite of 1 per cent of the population with wealth estimated at $400 billion and the small farmers of the Southeast along with those entering the workforce as public sector opportunities are reined back. The worker/dependency ratio remains very high at around 0.79 (see Table 2.4). As conditions deteriorate for the poorest in Saudi society, the rent deployment strategy may also prove to have been socially unsustainable (David 1999). Indeed, the principal flaw in the Saudi deployment of its oil windfalls may turn out to be the failure of paternalism to build public social capital (see Table 9.4).


REFERENCES

Askari, H., M. Bazzari and W. Tyler (1998), Policies and economic potential in the countries of the Gulf Co-operation Council, in Shafik, N. (ed.), Economic Challenges facing Middle Eastern and North African Countries: Alternative Futures, Basingstoke: Macmillan, 225-55.

Auty, R. M. (1990), Resource-Based Industrialization: Sowing the Oil in Eight Exporting Countries, Oxford: Clarendon Press.

Bisat, A., M. A. El-Erian and T. Helbling (1997), 'Growth, investment and saving in the Arab economies', IMF Working Paper 97/85, Washington DC: International Monetary Fund.

Chalk, N. A., M. A. El-Erian, S. J. Fennell, A. P. Kireyev and J. F. Wilson (1997), 'Kuwait: from reconstruction to accumulation for future generations', IMF Occasional Paper 150, Washington DC: International Monetary Fund.

David, S. R. (1999), 'Saving America from the coming civil wars', Foreign Affairs, 78/1, 103-16.

Economist (1997), 'WTO: Enter the Saudis?', The Economist (May 17).

Eken, S., T. Helbling and A. Mazarei (1997), 'Fiscal policy and growth in the Middle East and North Africa', IMF Working Paper 97/101, Washington DC: International Monetary Fund.

Financial Times (1992), 'Saudi Arabia: A Survey', Financial Times (30 January).

Financial Times (1996a), 'Saudi debt move gets mixed response', Financial Times (4 April).

Financial Times (1996b), 'Giving young Saudis a stake in the future', Financial Times (12 July).

Financial Times (1998), 'Sinking oil price rattles Saudi Arabia's shaky structures', Financial Times (3 April).

Financial Times (1999), 'Editorial: Saudi Troubles', Financial Times (12 March).

Gelb, A. H. and Associates (1988), Oil Windfalls: Blessing or Curse? New York: Oxford University Press.

Havrylyshyn, O. and P. Kunzel (1997), 'Intra-industry trade in Arab countries: an indicator of potential competitiveness', IMF Working Paper 97/47, Washington DC: International Monetary Fund.

IHT (1999), 'Fallen from oil plenty, Saudis learn to scrimp', International Herald Tribune, (22 March).

IMF (1996), International Financial Statistics Yearbook 1996, Washington DC: International Monetary Fund.

Looney, R. E. (1992), 'Real or illusory growth in an oil-based economy: government expenditures and private sector investment in Saudi Arabia', World Development, 20, 1367-75.

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Resource Abundance and Economic Development
Table of contents

Table of contents

  • Unu World Institute for Development Economics Research (Unu/Wider) ii
  • Resource Abundance and Economic Development iii
  • Foreword v
  • Acknowledgements vii
  • Contents ix
  • List of Tables xi
  • List of Figures xiv
  • List of Contributors xv
  • Part I Introduction 2
  • 1: Introduction and Overview 3
  • References 15
  • Part II Critical Parameters in Resource-Based Development Models 18
  • 3: The Sustainability of Extractive Economies 36
  • Appendix 3.1 Deriving Net Income and Genuine Saving 46
  • References 55
  • References 73
  • Part III Long-Term Perspective On, and Models Of, Resource-Based Growth 94
  • References 109
  • 7: Short-Run Models of Contrasting Natural Resource Endowments 113
  • References 124
  • References 142
  • Part IV Development Trajectories of Resource-Abundant Countries 145
  • 9: Competitive Industrialization with Natural Resource Abundance 147
  • References 163
  • 10: A Growth Collapse with Diffuse Resources 165
  • References 177
  • References 191
  • 12: A Growth Collapse with High Rent Point Resources 193
  • References 206
  • 13: Large Resource-Abundant Countries Squander Their Size Advantage 208
  • References 220
  • Part V Lessons for Policy Reform 223
  • References 237
  • 15: Growth, Capital Accumulation, and Economic Reform in South Africa 239
  • Appendix 15.1 257
  • References 258
  • 16: Reforming Resource-Abundant Transition Economies 260
  • References 275
  • References 294
  • 18: A Nordic Perspective on Natural Resource Abundance 296
  • Part VI Conclusions 314
  • 19: Conclusions 315
  • References 327
  • Index 329
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