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Issues in Global Political Economy - Research Paper Example

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The essay tries to establish whether resource-rich economies are rather poor, underdeveloped and politically unstable. Before the 1980’s there was a universal agreement on the relationship between abundance of natural resources and development. …
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Issues in Global Political Economy
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Download file to see previous pages As the research stresses natural resource abundance hinders economic growth. Many countries in African have plenty of natural resources such as gold, oil, and copper among many others. More than two-thirds of their products moving outside the country are natural resources, and yet these nations are poor and politically unstable. The countries depend on foreign investors for their economic feasibility.
As the paper discusses some countries rich in oil minerals such as Iran, Kuwait, and Libya experienced slow growth in the last several decades. Moreover, members of the OPEC, in general, experience a fall in the GNP per capita whereas states not rich in minerals enjoyed a growth in their GNP per capita. South Africa went through a period of de-industrialization and a disappointing economic growth in the 1970's during the boom in gold prices. Several factors led the effects key of them being that the real exchange rate appreciated, and depreciation followed after that. The world saw a shift in making of cocoa paste from countries such as Peru and Venezuela to Colombia after the disruption of the air bridge. Consequently, a booming demand for Colombian coca was experienced, and many people in Columbia became self-employed, and teenagers in the rural areas got work to do. Although, the boom had economic spillover effects as well as financial opportunities it marked the beginning of violence and conflicts in major cities. ...Download file to see next pagesRead More
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