Section

Economic, social, political and recreational geography

Title

RESOURCE ECONOMICS OF AUSTRALIA: GOOD OR CURSE?

Сontributors

V. A. Gorbanyov, Professor of the Department of World Economy Moscow State Institute of International Relations (University) for the Russian Foreign Ministry, This email address is being protected from spambots. You need JavaScript enabled to view it.

Abstract

It is believed that countries without innovative technologies or industries are doomed to “resource curse”. However, these arguments can not compete with real life. The natural-resource potential of Australia, including the original map of Mineral Resources, current data on reserves and production of mineral resources are analyzed in the paper. The author concludes that Australia is a typically resource country. However, Australia is characterized by a combination of harmonious interaction between the resource sector and innovative industries. The paper substantiates the idea of a self-sustaining system, when manufacturing sector generates new and more effective innovative products, and sector-recipients acquire these products, while for the latter there is a demand for more advanced products. The resulting self-sustaining system, like a spiral, can be called a resource-industrial complex (RPK) through which Australia, staying a resource power, has become one of the world leaders.

Keywords

resource economics, “resource curse”, natural resources of Australia, manufacturing sectors, sector-recipients, self-sustaining system, resource-industrial complex.

References

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