Natural resource exports and development in settler economies during the first great globalization era
Date
2014
Authors
Matteo, L.D.
Emery, H.
Shanahan, M.P.
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Anastakis, D.
Smith, A.
Smith, A.
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Book chapter
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Source details - Title: Smart globalization: the Canadian business and economic history experience, 2014 / Anastakis, D., Smith, A. (ed./s), Ch.4, pp.108-132
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Abstract
and a wave of globalization rooted in the demand for primary product exports that were inputs into the urbanizing industrial centres of the Atlantic economy. During this era of globalization, the successful development of many of the high-income countries of today, such as Canada, the United States, Australia, and New Zealand, was based on the exploitation and export of abundant natural resources, such as fish, fur, timber, gold, grain, coal, and oil. 1 In contrast to this historical experience, resource-abundant economies during the recent era of globalization remain dependent on their resource sectors and have had slower growth than resource-scarce economies.2 The negative correlation between natural resource exports and growth during the recent era of globalization has been dubbed the "curse of resources" and has triggered a sizeable literature that seeks to explain this surprising outcome.
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Copyright 2014 University of Toronto