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Long-term Growth and Inequality in Economies Relying on Land and Natural Resources

This chapter examines the long-term economic prospects of developing countries whose growth depends to a large extent on cash crop exports, mining, and oil extraction. It analyses the causes of the slow and unstable long-term growth of such countries, including those due to the fluctuating world prices, the macroeconomic effects of the Dutch Disease, the under-investment in human capital, and an adverse political economy that favours the continued dependence on natural resource rents. It then presents a simple Solow-type model of long-term growth for such economies, and historical evidence of how public policy can moderate or offset the problems linked to this kind of productive specialization.by means of investments in technical progress, productive diversification, and the creation of stabilization funds.