Do Natural Resources Support Economic Growth?

The management of natural resources is important for all countries, but perhaps especially so for developing countries. From rare earth minerals to oil and diamonds, certain countries have been endowed with resources that theoretically should bestow wealth and trading leverage. Nonetheless, many countries that possess these riches still suffer from poor economic conditions. This phenomenon was labled the “natural resource curse” by Richard Auty in 1993. Since then, researchers have done considerable work on this topic.
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