Globalisation, governance, accountability and the natural resource ‘curse’: Implications for socio-economic growth of oil-rich developing countries

Adams, Dawda; Adams, Kweku; Ullah, Subhan; Ullah, Farid

Abstract

Motivated by recent inconclusive debates on the natural resource ‘curse’ phenomenon, this paper reviews studies that have explored the causes and implications of natural resource endowments ‘curse’ within oil-rich developing countries (ODCs). Most of these studies find corruption, transparency, accountability, weak institutions and poor governance as causes of developing countries’ natural resource ‘curse’. However, recent studies identify a strong association between oil and gas multinational corporations (MNCs) as agents of globalisation and the resource-curse. First, we consider the international dimensions of this relationship and how MNCs have an influence on the resources of ODCs. Second, we link the impact of MNCs and their natural resource nexus to broaden debates on strategic organisational practices. We show that globalisation creates the platform for the natural resource ‘curse’ phenomenon. Our findings offer new insights into the natural resource ‘curse’ debates. We expand knowledge on the traditional focus of the resource-curse literature to include globalisation and how ethical practices of MNCs could avert the ‘curse’ or allow ODCs to experience the advantages of their natural resource wealth.

Citation

Adams, D., Adams, K., Ullah, S., & Ullah, F. (2019). Globalisation, governance, accountability and the natural resource ‘curse’: Implications for socio-economic growth of oil-rich developing countries. Resources policy, 61, 128-140. https://doi.org/10.1016/j.resourpol.2019.02.009

• Journal Article Type: Article
• Acceptance Date: Feb 7, 2019
• Online Publication Date: Feb 14, 2019
• Publication Date: 2019-06
• Deposit Date: Feb 16, 2019
• Publicly Available Date: Aug 15, 2020
• Print ISSN: 0301-4207
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 61
• Pages: 128-140
• DOI: https://doi.org/10.1016/j.resourpol.2019.02.009
• Keywords: Globalisation; Oil and gas multinational corporations; Management strategies; Profit maximisation; Natural resource ‘curse’
• Public URL: https://hull-repository.worktribe.com/output/1307075
• Publisher URL: https://www.sciencedirect.com/science/article/pii/S0301420718306597?dgcid=author