Looking for a good sample?

Let us find the best one for you! What is your topic?

Over 850,000 documents to help brainstorm your essay topic

Haven't found the Essay You Want?
For Only $13/page

Resource Curse Essays

Resource Curse

            The Resource Curse, which is also known as the Paradox of Plenty, describes a state whereby resource rich countries, despite an abundance of natural resources, are economically weak and poverty stricken.  As such, these resources are an economic curse; what should be a source of wealth and prosperity for countries actually make them weaker.  The reasons for this are widely debated.  One of the common reasons cited is that the governing agencies of these countries, which are often third world, are corrupt and mismanage resources for their own benefit.  Other reasons include unstable marketplaces for the resources the country produce, a lack of competitiveness in other economic sectors and poor management of resources by a countries leadership.

It is clear that, in order to overcome this phenomenon, some of the profits that are made from the mining need to be reinvested into the country itself.  Many people cite Norway’s handling of their oil export funds as an example of how resource rich countries could handle themselves.  They invest a large share of their wealth in a national pension that is worth billions of pounds.  Joseph Stiglitz in the book Making Globalization Work  addresses the issues related to the Resource Curse and describes how the best way for the global society to assist in overcoming this phenomenon is to ensure that a share of the value of the resources with the people of the country.  Whilst this is very difficult due to the profit optimization of the mining companies and corrupt practices, Stiglitz believes that the first world have to play a part in this.  Stiglitz argues that the western corporations who are mining these materials have to change the way they do business with these countries, giving them fairer prices for their resources and behaving more ethically.  They should employ local people where possible in jobs that are safe and offer them an opportunity to work for a fair salary.  In addition to this foreign companies should invest in education within these countries, assisting the local people to develop skills and knowledge that can help them develop themselves and rise out of their poverty.

Works Cited:

Stiglitz, J. E (2006) Making Globalization Work  New York: Norton


Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.

Sign Up Login We can't stand spam as much as you do No, thanks. I prefer suffering on my own

Jasmine from Graduate Way

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/eHrtS5