Avoiding the Resource Curse

Written by Ryan McGuine // Economic history is full of countries with abundant stocks of natural resources exporting them to generate revenue. Famous examples include agricultural products in Latin American countries, oil in Persian Gulf countries, and minerals in African countries. Despite this, economic history is short on countries that have successfully converted natural resource … Continue reading Avoiding the Resource Curse

Premature Deindustrialization: Economic Growth Then & Now

Written by Ryan McGuine // The conventional path for economic development has been to use industrialization — the process of increasing industry's relative contribution to total GDP and employment, at the expense of those of agriculture and services — as a means to enable rapid convergence. "Convergence" refers to a catch-up effect whereby countries that … Continue reading Premature Deindustrialization: Economic Growth Then & Now