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Understanding the Resource Curse: Why Some Get More Sick Than Others Karen Timmerman

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Understanding the Resource Curse: Why Some Get More Sick Than Others Karen Timmerman Lehigh University Lehigh Preserve Volume 20 - 2012 Lehigh Review 2012 Understanding the Resource Curse: Why Some Get More Sick Than Others Karen Timmerman Follow this and additional works at: http://preserve.lehigh.edu/cas-lehighreview-vol-20 Recommended Citation Timmerman, Karen, "Understanding the Resource Curse: Why Some Get More Sick Than Others" (2012). Volume 20 - 2012. Paper 9. http://preserve.lehigh.edu/cas-lehighreview-vol-20/9 This Article is brought to you for free and open access by the Lehigh Review at Lehigh Preserve. It has been accepted for inclusion in Volume 20 - 2012 by an authorized administrator of Lehigh Preserve. For more information, please contact [email protected]. UNDERSTANDING THE RESOURCE CURSE: Countries rich in natural resources often suffer from the “resource curse”: negative effects that Why Some Get More high reserves of these resources have on economic, Sick Than Others political and social institutions. Although richness by Karen Timmerman in oil is presumed to bring national prosperity, at times it is detrimental to the country due to corruption and overdependence on petroleum revenues. This study seeks to understand how some countries manage this curse better than others by examining the varied experiences of three of the world’s largest oil-exporting countries: Venezuela, Nigeria and Kazakhstan. Tire Gina Mason 33 “Ten years from now, twenty years wish to compare the impact of oil revenue to 87.4 million barrels a day, with the most from now, you will see: oil will dependence on each country’s economy rapid of growth occurring in developing and social and political institutions, and countries.4 The reliance on fuel of nations bring us ruin…Oil is the Devil’s I will attempt to explain the differences such as China and India to connect their excrement.” in both the severity and causes of the re- emerging markets around the world will source curse in each case. I will also pres- only increase in the years to come, putting he Venezuelan co-creator ent the steps that each country has taken, pressure on oil exporters to meet this de- of OPEC, Juan Pablo Pérez if any, in an effort to reduce and reverse mand without succumbing to the paradox Alfonzo made this statement the consequences of their overdependence of plenty. at a time when Venezuela’s on the substance that makes the world go The resource curse has several different economy was booming and round. causes and effects that each contribute in Tthe revenues were flowing in due to the different ways to the growing dependence high oil prices of 1973, and so his com- The Resource Curse on oil rents, which cause poor economic ment seemed out of place. Before analyzing its effects, the resource growth and decreases efficiency of social However, Alfonzo had made a star- curse must be defined. The increased and political institutions. The explana- tlingly accurate prediction for the future; reliance on revenues from oil exports by tions include the change in the role of the in the many decades since the first discov- countries that suffer from this paradox of government towards the market, especial- ery of oil in Titusville, Pennsylvania, to plenty is harming their economies and ly after nationalizing part or the whole of where so many had rushed for the chance populations so much that, if not checked, their oil industry and the increasing power at profiting from this new lucrative busi- it could ultimately lead to civil strife and of elites and interest groups who use the ness, the world has seen the economies war. I shall characterize the resource curse oil rents to keep their positions. These and institutions of some major oil-export- using the explanations posited by Terry changes have a number of negative effects ing countries falter and fail because of Lynn Karl, one of the forefront scholars on such as the distorted economic growth an increasing reliance on oil revenues to the idea of the paradox of plenty. She de- characterized by Dutch Disease and the run the nation. This inverse relationship fines the resource curse as the “inverse re- increasing difference in economic income between dependence on natural resource lationship between high natural resource that forces a majority of the population exports and the economic growth rate of dependence and economic growth rate.”2 into poverty. a region is known by many names, includ- In addition to examining the economics The first explanation of the resource ing the paradox of plenty, the “devil’s ex- of the resource curse, Lynn also focuses curse is the change in the role of the state crement,” and the resource curse.1 Though on the “social and political relations aris- towards the market. Revenues from oil its impacts can be devastating on the econ- ing from [the] utilization [of oil].”3 The exports are received by the state in the omies and livelihoods of oil-exporting immense wealth that oil exploitation can form of royalties and rents from foreign nations, the resource curse does not affect bring may cause the political and social companies or taxes and profits from every oil-producing country in the world. institutional structures to change in a way state-owned companies. These revenues There have been many countries through- that negatively affects the economy. The give the state less incentive to establish a out history, such as Australia and Norway, focus of this paper is on the export of the system of taxation on their people, taking who depend on the export of single-point point source nonrenewable natural re- away some accountability for government natural resources such as oil for revenues source that is oil: a black, sticky substance spending. Because the state is receiving its but have not been afflicted by the negative that went from being used as a lubricant, money directly from the oil trade, it does consequences of the resource curse. In a light source and even as a weapon in not feel the need to show budget transpar- this paper I shall examine the resource medieval wars to the liquid that has ency for the general population, as the curse and the impact it has had on three pushed globalization to a new level and money belongs to the state, which leaves of the world’s largest petroleum exporters: has opened up a vast world economy. In more room for corrupt spending. In order Venezuela, Nigeria and Kazakhstan. These an age where the demand for oil is grow- to pacify the people, the government will three nations, each the largest petroleum ing every day, large oil reserves are seen as embark on massive infrastructure projects exporter within its region, suffer from this enormous assets for the countries they are and increase social welfare, relying on oil resource curse to some extent but with found in. In 2011 global consumption had rents to fund everything. vastly different causes and consequences. I increased the most since 2004, up by 3.1% The elites and interest groups who are 34 THE LEHIGH REVIEW in control will also use oil rents to rein- the development of other sectors of the and the increase in productivity can lead force their place in society in order to reap economy. Countries that once depended to innovation for the future. By contrast, the benefits. The state begins to exhibit upon agriculture for a large percentage of in a high rent model the profits from oil rent-seeking behavior in order to maintain their exports may suddenly find it cheaper exploitation are received and dispersed of the status quo of the regime and to accrue to import their food from another country. in large amounts very quickly in order to the short-term benefits of oil exploitation. The government may place subsidies and gain maximum short-term benefits. The This increased reliance on oil rents to fund taxes on these industries in a protectionist money is spent in frivolous and corrupt projects and fuel corruption can have attempt, but this merely serves to continue ways on costly projects and to keep the disastrous effects on a state’s economy, to decrease competitiveness and also plac- elites in the political power positions they hold. With the oil industry as capital and technologically intensive as it is, few jobs In an age where the demand for oil is are created, and poor funding for educa- tional systems leaves a population of rural growing every day, large oil reserves are laborers watching the distance between seen as enormous assets for the countries high and low income increase as foreign workers are hired by oil companies and they are found in. education is completed in foreign coun- tries. The rent-seeking sector, by making especially with the world’s fluctuating oil es an additional burden on the oil sector poor investments and not bothering to prices. to provide funds for these policies. If not correctly jumpstart the economy “cor- Due to events and wars occurring reversed, Dutch disease can become per- rodes the viability of the primary sector throughout the world, oil prices can be petuating, “provok[ing] a rapid, even dis- upon which it increasingly depends.”7 In very volatile at times, with the West Texas torted, growth of services, transportation, addition, a government may also invest Intermediate price for a barrel rising from and other non-tradeables while simultane- little back into research and innovation in $41.51 in 2004 to $99.67 in 2008, and ously discouraging industrialization and the oil industry, over time decreasing pro- then falling back down to $61.95 in 2009.5 agriculture,” which could eventually lead duction levels and efficiency.
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