A State 's Natural Resources Wealth Influence Its Economic Development

Similar to the societal explanation, the cognitive explanation for the effects of the resource curse suggests that the wealth from resource abundance causes countries to be riskier with their money. Instead of investing in multiple sectors and foreign bonds, African countries tend to indulge in the wealth and focus solely upon it with no consideration of sustainability or possible busts. Since policymakers become shortsighted, they do not realize that that their economy is falling apart until it is too late.

It is true that some of these resources produce a valuable use such as energy, in the case of petroleum, but we have exploited it too much. We use more than we are supposed until one of these days we ran out of it. We should just live with what we can and what we already have. Also I believe that some other natural resources should remain untouched by the human hands. We need to find a way to protect our environment since this our planet, our only home. We also need to change our characters. Good people still exists in the world nowadays, but the problem is that we care too much about ourselves. We want everything for ourselves. If necessary, we need to go back to the age of the gold race. Where people used to live in peace, used to respect and care for each other, where there was no

For instance, most of the developments in the developed countries are based on growth, that is, they are depend on natural resources like minerals, gas and oil for their economic development. Moreover, the emerging developing countries such as India, china and brazil need a lot of natural resources to develop. This means that countries which are rich in resources in Latin America have emphasized and focused on the extraction of natural resources for their development and export. Neo extractivisim has been coined to refer to policies and regulations which strengthen states role in the ownership and exploitation of natural resources, a development which has gained great momentum inmost parts of the developing nations (Burchardt, Hans-Jürgen, and Kristina, 2014). Extractivisims is a development model that has political, natural and socioeconomic influences (class structure, interaction between public and state and gender) within a country majorly in countries with abundant resources in the

anada is filled with many natural resources such as fossil fuels, mineral, and lumber. Having so many different types of natural resources helps improve the economy of Canada and living in a country with a high economy means you will have better public services since the government will have a lot of tax money. With better public services you will have better schools and health care.Canada has one of the best health care system and the better the health care system the longer you will live and it will improve the quality of life since you can easily treat diseases. Canada's natural resources place a big role on Canada's economy. Around 20% of the money made by natural resources directly and indirectly account for Canada's GDP. The natural resource

Countries that do not promote accountability and state competence to benefit from resource booms are at risk of the resource curse. The resource curse is when resource-rich countries benefit from its wealthy natural resources (i.e. oil) and do not help with its people welfare. Its government officials are less likely to meet the demands of its people because they are too busy pocketing the cash. These countries are more deceptable to authoritarianism, low levels of economic growth and stability. Wealthy natural resources can promote power conflicts and corrupt governments. Countries that have a resource curse are more likely to transition to democracy when its large revenue comes from citizens ' taxes.

There are many factors at play in determining whether a nation is rich or poor. Geography is one of them. Some nations are lucky to be located in places with rich oil deposits, others are in key locations along important shipping lanes whilst some are land locked or have very little natural resources.

Iceland and Gabon are very unique countries with different statuses. Iceland has a very small population but is highly developed and a model of efficiency socially, politically, and economically. Whereas Gabon has the potential to be one of most developed African countries, with their discovery of oil and the associated profit, but the population trends of the transitional period of development and the social and political endeavours attached to such a change have hindered the countries progression. As a result of this, Iceland has a better economy, quality of life, and social and political structure while Gabon is developing these benefits slowly but with success with signs of development problems in population and infrastructure that

This then relates into the fact that these resources in this area will be mishandled and used in non-beneficial ways. Poverty can be unruly and with these natural resources they can fall into the fight between using the responsibly r blowing it away in order to make the current moment better without thinking about the future. Surplus of resources is not always a good thing.

Firstly, not all natural resources cause problems. For example, water belongs to natural resources and it is unevenly distributed across the world. However, water seldom causes civil wars. The natural resources that we mentioned here are specified as some limited and precious natural resources, such as raw oil, hard-rock minerals, gemstones,timber, even illicit drugs. Ross offers a table of the most recent 17 conflicts that are related to different kinds of resources. From the table, it shows Liberia suffered from a civil war which linked to various resources from 1989 to

Many studies have demonstrated the idea that institutions are the main factor of economic development because empirical evidence points to strong institutions being able to determine large growth of GDP per capita. Although the characteristics of strong institutions can be described as the potential fundamental cause of economic growth, the effects of geography and materials available to different certain regions have a huge hand in properly developing a society economically and allowing for further growth. The resources of the countries heavily depend on the raw materials available to each region and the kinds of animals they are able to domesticate. This is where the argument circulates around in which geography is a large determinant of whether a civilization or society can prosper in a certain area or not.

The natural resources of a nation, particularly the minerals, often constitute the lion's share of the nation's wealth. This is particularly true of the OPEC nations including Nigeria.

The first part of this relationship is highly evident among developing nations that are looking to strengthen its economic position. These countries, unfortunately, have to extensively tap into their natural resources to achieve sustained

The exploitation of natural resources such as Land, gold, diamonds, crude oil and forestry products are traditionally argued to play a vital part in a county’s growth and development. Countries endowed with these resources are assumed to be able to transform their economies towards the path of sustainable development. Customary land use and Minerals

The analysis of the 2007 Mineral and Mining Act demonstrates that the excesses of the environmental damage in the Niger Delta region did not emanate from inadequate legislation. The problem is an ineffective implementation of the Act. As indicated in the first part of the paper, the Nigeria government lacks the political will to implement the appropriate clauses important for the protection of the Niger Delta’s ecosystem because a significant percentage of the government expenditure comes from revenues generated by oil corporations. The government’s incapacity to implement the Mineral and Mining Act results from a fear that strict adherence to the Act might dwindle national revenue, and constrains budget. While this fear is a genuine one, it can however be partly addressed by a diversification of the national economy, from oil based to include other sectors of the economy.

The resources curse is also known as the “paradox of plenty”. The countries with an abundant of natural resources tend to have less economic growth as compared to those having fewer or none natural resources. But