| Resource-based economy, which is also called resource-oriented economy, hasbecome a hot topic on regional economics and development economics for itsrelationship with abnormal features. The practice of resource-based economydevelopment shows that large-scale resources exploitation will bring regional ornational economic growth rapidly; abnormal changes in the prices of resources willlead to the deterioration on terms of trade in national or region and turbulentfluctuation on economic growth; the booming of resource-based industries will resultin the reversal of industrialization and degradation of the quality on economic andsocial development. Development of the world economy shows that resources has notbecome the "bless", but has become a "curse" for industrialization. Many nations andregions with resources abundant have been or are sliding into pitfalls of resourceadvantages and suffering torture of "resource curse". It has academic value toconstruct theoretical explanations framework on resource-based economy, to revealthe internal and operational mechanism, to study the restructure model and shiftstrategy of resource-based economy. It is imminent to achieve the transformationdevelopment of resource-based economy.â… Resource-based economy mainly refers to the exploitation-oriented economicsystem by utilizing energy resources such as coal, oil, natural gas and others, andmineral resources such as iron, copper and others. The formation process ofresource-based economy is not only a normal development process, in which a certainevolution during the development stage of industrialization, but also a process ofresource-based economy with abnormal state. The abnormal state is fargoing by majoreconomies, including deterioration in the terms of trade, de-industrialization, industrydisorders, serious unfair distribution on resources benefits, losing controlling onwealth and asset management, and other serious social problems. The "DutchDisease" appeared widely on the level of state and region with resource abundantillustrates the symptoms apparently.Fundamentally, the phenomenon of resource-based economy means the seriousdeficiencies in resource property institution, resource trading, development income,distribution institution, and human resources development institution, which makeresources become a dominant force in economic activities, deteriorate terms of tradeand industrial ecological condition, distort the allocation structure and flow directionof the economic elements. Resource-based economy has double essential features:strong dependence and marginalization. The strong dependence refers to the regionaleconomic activities depend excessively on natural resources. The marginalizationrefers to regional economic development is stick to the vertical division of labor andstay in the upper reaches of the industrial divisionResource-based economy is a worse result of resources booming, which can be avoided by an appropriate institutional arrangements and policies. The avoidance ofphenomenon shows preventing risks, results and diseases from resource exploitation.From the view of normal development, just because of the exhaustibility of mineralresources and unsustainability of the mining sectors, the industrial division and theinternational division of resource-based economies are staged, and so thetransformation development of resource-based economy follows ineluctable trend.The transformation of resource-based economy means to extricate the path-relied ofresources, and lead to high-level economy by relying more on the management,technology, knowledge and intelligence. What must be emphasized is that theavoidance and transformation are not only a progressive development process andevolution of economic development phase, but also a correcting process on solvingeconomy problems and eliminating the abnormal states.â…¡Resource-based economy could be seen a development phase or patterns during theprocess of industrialization in a country or region with resources abundant. Fromindustrial historical vision of industrialization, a simple mathematical analysis canillustrates the formation and transformation of resource-based economy, that isWi=f(I,M,Se,Il,O), {Wi|Wi∈(L,G,K,T,B,Q,S,C)}. If resource booming factor wereadded on certain time, {R|R∈(Q,P,B,M)}, then get Wi=f(I,M,SE,Il,O)AR, and getdWi=((?)Wi/(?)I)dI+((?)W/(?)M)dM+((?)Wi/(?)Se)dSe+((?)Wi/(?)Il)dIl+((?)Wi/(?)O)dO+((?)Wi/(?)R)dR bydifferential coefficient. If dWi＞0, it shows industrialization goes smoothly. IfdWi＜0, it shows industrialization is broken.The formation of resource-based economy is decided by its internal mechanism. Itwill stimulate resource development activities, which include the discoveries inresources by chance, or increases in resources prices, and the increasing demands forresources in the world. The changes result in production elements flowing to theresource sectors continuing, enlarging the scale of resource exploitation andutilization, increasing the income of resource, and realizing booming in resourcesector in a short period of time. The relationship of logic change is that: P↑(P1→P2)→π↑, R↑(R1→R2), W↑(W1→W2), r↑(r1→r2)→L↑, K↑→the booming ofresource sector. Above mention is the booming mechanism of resource sector. Thebooming of resource sector will stimulate the demand for general and specialelements, rise the relative price of tradable sectors to nontradable sectors and price ofproducts and services, result imports and exchange rate increasing, worsen tradecondition and industrial ecological condition, bring the effect of resource flows,expenditure effect of resource booming, and spill effect, reduce competitiveness ofmanufacture sector and other tradable sectors, shows de-industrialization phenomenon,which is the influence mechanism of resource booming. The adherence function toelements of resource sector, and the capital accessibility and the short-term profitadvantage in resources and relevant sectors increase specific absorbing domino effectin resource sector, and drive to positive feedback cycle of resource sector and relatedindustries; high deposition of cost in resources sectors, the long-term lock in function on the level of region, industry and core enterprise from resource booming, which isaccumulation and circulation mechanism of resource-based economy.The successful avoidance of resource-based economy is ruled by its internalmechanism. According to the Hotelling Role, one item is to establish aninter-generation fairness mechanism and internalization mechanism for externalnon-economic activities on sustainable utilization to regulate resources developmentactivities effectively. The second item is to control the product price and scale onresources exploitation, to distribute benefits of natural resources reasonably. Therelationship of logic change is that: resource intertemporal allocation, socializationoptimal allocation→moderate resource extraction((?)resource (?) (?)critical)→moderationof resource benefits growth→rational distribute of benefits→proper flow of L, Kamong sectors→shift to material capital from benefits. Meantime, it is necessary toadvance diversification and internationalization on resource property, resourcedevelopment, and employee resources. It comes the restriction mechanism onresource booming, socialization sharing mechanism on resource benefit, anddecentralization mechanism of resource risk. The third item is, according to theHartwick Role, to shift resource wealth to material capital, and promote theprogressive capital maintaining total wealth unchangeably, for which the benefit fromresource rent will transform into industrial capital effectively, and establishprogressive mechanism in the formation and status of industrialization capital.The transformation mechanisms of resource-based economy include 5 aspects.The interruption mechanism for the exasperated terms of trade means to control overbooming in resource sectors and improve terms of trade for industrial development.The relationship of logic change is that: to resource sector, raising entrance threshold,elevating tax, and wage moderation→Qresource↓, Wresource↓→Lresource↓, Kresource↓→resource booming is controlled; to manufacture sector, subsidization of price, wage,investment→πmanufacture↑, Wmanufacture↑→Lmanufacture↑, Kmanufacture↑→development ofmanufacture sectors. The transparency and fairness of mechanism of resource wealthmanagement means to open account of resource benefits and distribution, allowpublic supervision on resource wealth, prevent rent seeking, punish corruption, andestablish management mechanism on resource wealth and management institution ofresource property. The investment correcting mechanism of resource wealth refers toadjust the relationship of investment with consumption reasonably, improveinvestment structure and mode, accumulate non-natural resource wealth effectively,increase the efficiency of investment and accumulation speed of wealth, and get bettercapability of capital accumulation and output. The cultivation mechanism on learningprocess and innovation ability refers to shift the resource-depended region totechnology-driven region, lead to self-initiated innovation, and break old internalself-cycle mechanism of resource. The optimization and upgrade mechanism ofindustrial structure refers to promote diversification, rationalization and highgradation of industrial structure based on the demand structure, the supply structure,division of labor and specialization, transaction costs, and technological progress. â…¢From a larger extent, the main topic of transformation development in Chineseresource-based regions indicates the transformation development of industrialrestructure. The resource-based regions should improve regional resource-elementstructure to build regional innovation-centered and competitivenessadvantage-oriented upgrade mechanism, enlarge regional dynamic advantagescontinuing, assembling, upgrading, substituting, deepening, and progressing, andconstitute growth mode of competitive advantage. Meanwhile, because of industrialstructures with singles, initials, and persistence, the resource-based regions will castthe model of "industrial sequence escalation" and "diversity composition developmentmodels", metabolizability mechanism of industrial structure including industrialreconstruction, extension, salvation, substitute, and replacement; and establishamelioration model for enterprises restructure composed with classification-guidedstrategy of resource-based enterprises, the entrance threshold for resource-basedenterprises, the growth of "otherness" enterprises, and expansion of dominatedenterprises.Shanxi is the most typical case of regional-based resources. The resources sectorsexpanding continuously dominate regional economic development. The conversion ofindustrial upgrading is ineffective with poor efficiency in whole structure. Theresource wealth looses seriously with outstanding externality symptoms.Technological innovation mechanism is not sound, and endogenous developmentcapacity is insufficient. The prices of production elements rise, and the regional termsof trade is damaged. The regional economy with violent fluctuation is influenced bythe fluctuation of coal and coke industries. Above these are the major problems ofresource-based economy. Therefore, several strategies should be taken, such asextension strategy of resource advantages, strategy of restructuring and industrialupgrade, the strategy of regional endogenous development, the optimization strategyin business environment, the strategies of ecological reconstruction and developmentand green, the strategy of space development in order. Several institutions should bereformed, such as the institution reform of resource properties. The compensationinstitution for resources environment and management for resources wealth should beimproved. The distribution institution of resources income should be established.Some economic policies should be carried out, for example, industrial assistance,distribution guidance, and investment inducement. The Transformation Fund ofresource-based economy will be founded to strengthen its endogenous developmentcapabilities. The innovative development mechanism will be set up. Meanwhile, withsupports of policies and fund from central and local government, the transformationleaping from resource-oriented to an innovation-led economy will come into true bycatching the perfect opportunity as an experiment site of policy on sustainabledevelopment in coal industry.The thesis constructs the theoretical framework on resource-based economy initially, give a new theoretical explanation on "resource-based economy", bringforward mathematical analysis model on resource-based economy, and reveal theinternal mechanism of formation, avoidance, and transformation of resource-basedeconomy by applying economic theory, the analysis tools on studies of public policyand strategic management, and utilizing approaches modes combined with normal andpositive analysis, quantitative and qualitative research, regional and institutionresearch. These innovative theoretical explorations have made a new approach toeconomic development theory. The thesis explores the transformation model inresources-based regions in China, analysis the major symptoms of resource-basedeconomy in Shanxi, analysis the basic strategy of transformation, and puts forwardpolices and advices of institution management on transformation development, whichprovides important advices for decision for the development of regional economy, anda case with academic value for the study of regional economy.
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