Lessons Not Learned: Energy Revenues, Governance and Welfare in the Caucasus and Central Asian Countries
Article from: OGEL 5 (2003), in Roundup of Articles
Summary
The revenues from natural resources generated by the four resource-rich countries that dominate the Caucasus and Central Asian (CCA) are unusually large relative to GDP. This book draws on analyses by leading economists and political scientists to explore their prospective impact on the region. Learning from the developing market economies, prudent deployment of the revenues could quadruple per capita GDP within a generation. However, this outcome is unlikely because CCA elites were unchallenged at independence, and they use resource revenues to build patronage networks to ...