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E-book Extractive Industries : The Management of Resources as a Driver of Sustainable Development

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Penilaian

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This book is about the challenges and opportunities that countries face inusing their extractive industries to achieve inclusive development. Its focus ison the developing world, both low-income countries (LICs) and middle-income countries (MICs), drawing upon the experiences of high-incomecountries (HICs) when relevant. Extractive industries have shaped the econ-omies, societies, and politics of nations—for good and bad. Today’s richestnations owe at least part of their high living standards to the extractiveindustries. Yet while a large national income can result from resource wealth,it can also be associated with acute social inequality and deep poverty—thevery opposites of inclusive development. Many LICs and MICs struggle todiversify their economies, and create redistributivefiscal systems, in ways thatreduce poverty, inequality, and social division. The very worst cases seeviolent conflict and civil war.The phrase‘resource curse’became common coin by the turn of the millen-nium. Crises and resource-wars were important catalysts in a new determin-ation to improve the sector’s governance. Global civil society, notably GlobalWitness and Oxfam America, together with the Natural Resources GovernanceInstitute (NRGI) and industry bodies such as the International Council onMining and Metals (ICMM) have led efforts to achieve improved outcomesfor the extractives sector. One of the most notable manifestations of this wasthe Extractive IndustriesTransparency Initiative (EITI) launched in 2002. Theseall recognize, in different ways, that natural resources can provide a means,when properly used, for poorer nations to decisively break with poverty. National ambitions for the extractives sector were given a major boost in theyears after the millennium by an upswing in the prices of metals and fuels,following low prices in the 1980s and 1990s. China’s economic boom resultedin a seemingly insatiable demand for commodities of all kinds and this,together with limited supplies after years of low investment, created a‘com-modities super-cycle’. Growth elsewhere in the global economy added todemand. Euphoria returned during the super-cycle years from 2002 withbuoyant export earnings and public revenues, as well as higher economicgrowth (though often of a narrow and undiversified kind). Very large invest-ments were made in mining as well as in oil and gas after many years ofmoderating capacity; much of this was in the LICs and MICs.1Producersrode the super-cycle, including a sharp dip during the 2008–9financial crisis,for more than a decade until itfinally stalled in 2011–12.However, the price slump did remind companies and governments of thecommercial and economic risks associated with the extractives sector. Com-panies cut production and scaled back many of the investment plans madeduring the super-cycle years. Host countries initiated macroeconomic adjust-ments in response to lower revenues, their options limited in many cases by afailure to buildfiscal buffers and diversify their economies during the goodtimes. Painful adjustments are still ongoing in countries that over-accumulated debt.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

658.15 ACH e

Penerbit

London : Oxford University Press., 2018

Deskripsi Fisik

766 hlm

Bahasa

English

ISBN/ISSN

9780198817369

Klasifikasi

658.15

Tipe Isi

text

Tipe Media

computer

Tipe Pembawa

online resource

Edisi

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Subjek

Financial Management

Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

Lampiran Berkas

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