Russia's Oil and Natural Gas: Bonanza Or Curse?

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Michael Ellman
Anthem Press, 2006 - Business & Economics - 216 pages
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It is well known that resource-rich countries may suffer from a 'resource curse'. Their economic performance in the medium and long-run may be adversely affected by the resource riches. This problem is particularly important for Russia, since it is the world's second largest producer and exporter of oil, largest producer and exporter of natural gas, and also exports other natural resources such as diamonds, platinum, nickel, coal, iron ore, timber, and grain. This book is an edited collection, bringing together well-known specialists from Russia, Japan, Western Europe and the USA, providing data about the Russian hydrocarbons sector, its size, economic significance, and taxation. It also offers data about the growth of the Stabilization Fund. In addition, it analyses the role of the hydrocarbons sector in Russia's post-1998 economic boom, drawing attention to the contribution of remittances to Russia of the proceeds of raw material exports. With respect to international political economy, 'Russia's Oil and Natural Gas' points out that Russia today, with its large energy exports, helps solve the problem of domestic energy shortages which plague many countries. In this way, Russia is currently a major contributor to world stability and the welfare of the energy importers.


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The Issues
An Introduction
Sustaining Growth in a Hydrocarbonbased Economy
The Road to Spontaneous Diversification
Economic Growth and the Mobilization Model
The Importance of Geography
A Frozen Venezuela? The Resource Curse and Russian Politics
List of Contributors

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About the author (2006)

Michael Ellman is Professor of Economics at the University of Amsterdam and well known for his analysis of the Soviet regional show trials of 1937–38, the Soviet 1947 famine, and the collapse of the USSR. He was awarded the 1998 Kondratieff Prize for his contribution to the development of the social sciences.