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The resource curse, also known as the paradox of plenty or the poverty paradox, is the hypothesis that countries with an abundance of natural resources (such as fossil fuels and certain minerals) have lower economic growth, lower rates of democracy, or poorer development outcomes than countries with fewer natural resources. [1]
Natural resources can be a substantial part of a country's wealth; [7] however, a sudden inflow of money caused by a resource extraction boom can create social problems including inflation harming other industries ("Dutch disease") and corruption, leading to inequality and underdevelopment, this is known as the "resource curse".
Advancing technology: Increasing technology sophistication enables faster rates of natural resource extraction. For example, in the past, it could take a long time to log a small amount of trees using only saws. Due to better technology, the rates of deforestation have greatly increased. [6]
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Resource justice (also referred to as "resource equity" or "resource governance") is a term in environmentalism and in environmental ethics.It combines elements of distributive justice and environmental justice and is based on the observation that many countries rich in natural resources such as minerals and other raw materials nevertheless experience high levels of poverty (resource curse).
Peak production poses a problem for resource rich countries like Australia, which have developed a comparative advantage in the global resources sector, which may diminish in the future. The costs of mining, once primarily reflected in economic terms, are increasingly being considered in social and environmental terms, although these are yet to ...
In economics, Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture).
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