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Resource curse

In: Handbook on Alternative Global Development

Author

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  • Cyril Obi

Abstract

This chapter interrogates recent versions of the resource curse, by unpacking the nexus between oil and the crisis of development in resource-rich African countries. It locates oil in global capitalist extraction and argues that the misgovernance of oil resources in Africa is rooted in, and renewed by the structures of inequality, extraction and dependence, that underpin continent’s integration into the global capitalist system. The chapter also analyzes how intensified oil extraction fuels growing inequalities, injustices, and environmental degradation, that are further exacerbated by disruptions linked to the Covid-19 pandemic, including democratic regression, and proffers suggestions for transcending the limitations of the resource curse, dismantling the political economy of extractivism, and replacing it with an innovative, socially just and sustainable system.

Suggested Citation

  • Cyril Obi, 2023. "Resource curse," Chapters, in: Franklin Obeng-Odoom (ed.), Handbook on Alternative Global Development, chapter 6, pages 91-106, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19914_6
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    File URL: https://www.elgaronline.com/doi/10.4337/9781839109959.00016
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