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Economic gains from natural resources are mostly beneficial when directed towards initiatives such as job creation, skill enhancement, capacity building, and pursuit of long-term developmental objectives. Thus, reliance on one or more natural resources holds financial risk when aiming for a stable economic growth. [28]
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]
Some resources that are obtained through extraction include but are not limited to gold, diamonds, oil, lumber, water and food. [29] This occurs through techniques such as mining, drilling and deforestation. Resources are typically extracted from developing countries as a raw material. [29]
Natural resource management is a discipline in the management of natural resources such as land, water, soil, plants, and animals—with a particular focus on how management affects quality of life for present and future generations. Hence, sustainable development is followed according to the judicious use of resources to supply present and ...
The depletion of resources has been an issue since the beginning of the 19th century amidst the First Industrial Revolution.The extraction of both renewable and non-renewable resources increased drastically, much further than thought possible pre-industrialization, due to the technological advancements and economic development that lead to an increased demand for natural resources.
These countries are usually behind because of obstacles such as lack of technology, unstable government, and poor education and health systems. [1] In some instances, the exploitation of periphery countries' agriculture, cheap labor, and natural resources aid core countries in remaining dominant.
Despite its limited natural resources, Liechtenstein is one of the few countries in the world with more registered companies than citizens; it has developed a prosperous, highly industrialized free-enterprise economy and a financial service sector as well as a living standard that compares favourably with those of the urban areas of ...
Overexploitation often occurs rapidly as markets open, utilising previously untapped resources, or locally used species. The Carolina parakeet was hunted to extinction. Today, overexploitation and misuse of natural resources is an ever-present threat for species richness.