Management and Development Process

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Resource-based development is one of the subjects that economists have thought about. Given better economic performance of the countries with fewer natural resources compared to that of the resourceful states, most economists hold that resource-based development has failed. A rather fewer number of economists, having in mind the important role of natural resources in the production process, believe that resource-based development could be successful providing that the right strategy is adopted. This article tries to review the reasoning of both groups. Meanwhile, the study is illustrated with some successful experiences of some countries including the USA, Norway, South Africa, and Finland versus unsuccessful experiences including those of the OPEC member countries. The results of the research indicate that resource-based development has been a success story in the countries where the industries related to the natural resources have developed the economy as the leading industries rather than resorting to rents.

Keywords: Natural Resources, Resource-based Development, Resources Rents, Leading Industries, Successful and Unsuccessful Countries

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