Natural Resources and Economic Growth - Learning from History (Hardcover)

History teaches us that the exploitation of natural resources and the transformation of the environment are necessary steps towards achieving long-term improvements in living conditions in all societies. However, the relationship between natural capital and economic growth is an open debate in the field of economic development.

Is an abundance of natural resources a blessing or a curse for economic performance? Is this a direct relationship or is it mediated by other institutional and technological factors, or by market forces? Does the relationship always operate in a similar way over time and space? The field of Economic History offers an excellent vantage point from which to explore the relevance of institutions, technical progress and supply-demand drivers. This book contains theoretical and empirical articles by leading scholars who have studied this subject in different historical periods from the 19th century to the present day and in different parts of the world. Part I presents the theoretical issues and discusses the meaning of the "curse," the relevance of the historical perspective and the evolution of relative prices as one of the main expressions of the process. Part II captures the diversity of experience, presenting twelve independent case studies ranging over based on historical results from North and South America, Africa, Asia, Oceania and Europe. By comparing outcomes, attempts are made to draw general lessons about natural capital and its relationship with economic development.

This wide ranging volume will be of great relevance to all those with an interest in economic history, development, economic growth, natural resources, world history and institutional economics.