The study of natural resource extraction in resource-rich countries often shows that plunder, rather than prosperity, has become the norm. Management of natural resources differs widely in every state; a close examination of the decision making chains in various states highlights the key principles that need to be followed to avoid distortion and dependence. This book consists of eight case studies investigating the political economy of the decision chain, revealing where various states have met with success, or failed disastrously. This original research provides a unique insight into how different countries have handled their resource extraction. This book is essential reading for students, researchers and policy makers working across development economics and natural resource economics.

Table of Contents

Key Decisions for Resource Management: Principles and Practice; P. Collier & A.J. Venables Governance and Oil Revenues in Cameroon; B. Gauthier & A. Zeufack Learning How to Manage Natural Resource Revenue: The Experience of Copper in Chile; J. Rodrigo Fuentes Oil in Iran: Dependence, Distortions and Distribution; M. Karshenas & A. Malik Kazakhstan: Public Saving and Private Spending; A. Esanov & K. Kuralbayeva The Developmental State: Malaysia; Z.A.Yusof Management of Resource Revenue: Nigeria; O. Ajakaiye, P. Collier & A. Ekpo The Contest for Control: Oil and Gas Management in Russia; V.Kryukov, A.Tokarev & S.Yenikeyeff Copper Mining in Zambia:From Collapse to Recovery; C. Adam & A. Simpasa

About the Author

PAUL COLLIER CBE is Professor of Economics at the University of Oxford and Director of the Centre for the Study of African Economies. He is the author of The Plundered Planet (2010) on the management of natural assets, and of the award-winning The Bottom Billion (2007). He was previously Director of the Development Research Department of the World Bank, and has published extensively on African economic development. ANTHONY J. VENABLES CBE is Professor of Economics at the University of Oxford where he also directs the Oxford Centre for the Analysis of Resource Rich Economies. He is a Fellow of the British Academy and of the Econometric Society and has previously worked as Chief Economist at the UK Department for International Development and Professor at the London School of Economics. He has published extensively in the areas of international trade and spatial economics.

Reviews

'Plundered Nations is a very important book at a crucial time. It lays out the values, principles, and competences needed to transform resource wealth into a sustainable improvement in the lives of present and future generations. A series of insightful case studies on a range of countries make these principles vivid, concrete and accessible. This book will be widely read and highly influential in accelerating the transformation of natural resource wealth management.' - Michael Spence, Nobel Laureate