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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]
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]
Republics where the government's powers are limited by law or a formal constitution (an official document establishing the exact powers and restrictions of a nation and its government), and in which the leaders are chosen by a vote amongst the populace. Typically, laws cannot be passed which violate said constitution, unless the constitution ...
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.
Saimaa Canal is partly located in Russia, but the Russian part is rented by Finland; In Svalbard, which is part of Norway, other countries have the right to extract some natural resources and build establishments for this; U.S.–Japan Status of Forces Agreement; Japan–Djibouti Status of Forces Agreement [62] [63]
The Natural Resource Trap: Countries that are rich in natural resources are paradoxically usually worse off than countries that are not. Collier attributes this to a variety of causes: [ 3 ] Resources make conflict for the resources nearly inevitable due to the lack of transparency provided by government officials who often use surpluses of ...
The Government of India (referred to as the Union Government) is the governing authority of a federal union of 28 states and 8 union territories. The government of India is based on a three tiered system, in which the Constitution of India delineates the subjects on which
Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability for future generations.