This highlights the drawbacks of possessing natural mineral resources. These can quickly become a curse on the ore-exporting economies of developing countries leading to drainage of resources and the faltering of long term growth
It is widely believed that natural mineral resources are desirable. However there is growing evidence that this may not always be the case. Indeed, it seems that natural assets can distort the economy to such a degree that the benefit actually becomes a curse.
In Sustaining Development in Mineral Economies, Richard Auty highlights these drawbacks and the devastating effect they can have on developing economies. With reference to six ore-exporters (viz. Peru, Bolivia, Chile, Jamaica, Zambia and Papua New Guinea) he outlines how things can go badly wrong. He particularly stresses the need to avoid `Dutch Disease'' whereby competitiveness is drained out of the agriculture and manufacturing sectors so that in the long term growth falters.
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