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|Meet Day||M/W||2:40 PM - 4:00 PM||L130|
This course evaluates the political and economic determinants of oil and mineral resource policies in developing countries and their impact on world markets, the interaction between states and extractive industries, the challenges of resource wealth management, and the causal links between resource abundance/dependency and development, institutions, and regime type. Questions to be discussed include: Why has resource nationalism been on the rise again? Why are there such high rents in oil and mineral extraction? Why is there such a significant variation in domestic pricing policies? What are the political and economic consequences of volatile resource prices? Is there a resource curse? Do mineral rents hinder democracy and development? What is the effect of mineral dependence on institutions? Which institutions can help to make mineral wealth a blessing? The first part of the course centers on the political economy of the oil and mineral industry, markets, and policies. The second part focuses on the consequences of resource dependence for development and democracy. Although the main focus is on oil, other mineral resources are also considered and compared to renewable natural resources.