Natural-resource taxation and investment exhibit cycles in a vast number of countries, driving political turmoil and power shifts. Using a rational-expectations model, we show cycles result from governments' inability to commit to future taxes and firms' inability to credibly exit a country...

Natural-resource taxation and investment exhibit cycles in a vast number of countries, driving political turmoil and power shifts. Using a rational-expectations model, we show cycles result from governments' inability to commit to future taxes and firms' inability to credibly exit a country...

By focusing on a half-century of recent Latin American economic history, this book presents a multidisciplinary approach to examining the relentless pursuit of development in the Global South and aims to revitalise the academic debate on whether having abundant natural resources is a blessing or...