Reinterpretation Of The Resource Curse

The term "resource curse" describes the problem that the abundance of natural resources becomes the curse of the growth of regional economic growth, restraining the rapid development of regional economic growth. Ever since the concept was forwarded by Auty, the relation between the abundance of natural resources and economic growth has caused concerns among scholars. Most of them agree with the "resource curse", admitting that economic growth rate in areas of scarce natural resources is faster than that of abundant natural resources. This paper reinterprets the "resource curse" and explores that factors lay behind the abundant natural resources, instead of the resources themselves, disturb the economic growth. From the classical economic growth theory to the modern western theory, then to the economic development, natural recourses was valued and ignored then valued again. No matter from the conceptual point of view or from the theoretical point of view, natural resources should not be ignored, or even blamed as slowing the economic growth.The thesis discusses the relation between the abundance of natural resources and economic growth, summarizing features of the recourses cursed areas based on the cases of29provinces. The abundance of natural resources of an area is measured by ratio of natural resources mining output to the total industry output of this area. The research explains reasons of the curse from perspectives of devaluing natural resources and market failing. No matter conventionally or theoretically, natural resources are invaluable. The reason why natural resources are devalued is that they are not included in the accounting system. And market failure is resulted from outer factors, ambiguity of property rights and heavy rent-seeking activities. The research further proves natural resources does not impede economic growth and finally forward the methods of avoiding the "resource curse"...