{"word_count": 131, "character_count": 873}
Political institutions and the curse of natural resources / Antonio Cabrales   &#38; Esther Hauk, VoxEU.org, 17/06/2011http://www.voxeu.org/index.php?q=node/6656There is nothing new about the “natural-resource curse”. It is first mentioned in 1993 in a book by Richard Auty titled Sustaining Development in Mineral Economies: The Resource Curse Thesis.  The term was then popularised among economists following the  influential paper by Jeffrey Sachs and Andrew Warner in 1995. What these  authors (and many others) have shown is that countries with greater  natural endowments tended to grow more slowly than the rest in the  second half of the twentieth century. A related phenomenon is what is  called the Dutch disease, a term apparently invented by The Economist to explain the stagnation in the Netherlands as a result of the discovery of a large natural gas field...