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Volume 9
Issue 3
Online publication date 2011-11-01
Title Phenomenon of Plenty: Theory and diagnosis
Author Sergey Uzhegov
Abstract Present study theoretically explores and empirically diagnoses the Phenomenon of Plenty - paradox of below-potential economic performance of nations generously endowed with natural resources, focusing on oil-rich CIS members: Russia, Azerbaijan, and Kazakhstan. Extending theoretical structure to proposed Four-Component Process it reports existence of direct de-servisation finding previously overlooked cause of oil paradox - downturn of non-tradable sector long-time lacking production forces. Application of elaborated 5-Sign Algorithm for Diagnosis of the Phenomenon of Plenty elicits its presence across evaluated nations.
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Keywords Phenomenon of Plenty, Dutch disease, oil, direct de-servisation, algorithm for diagnosis
Pages 23-29
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