Guyana and the Resource Curse
Abstract
Immense oil deposits were discovered in the offshore Guyana Basin in 2015 and Guyana is now on the verge of a monumental economic transformation. Significant financial and societal benefits might be byproducts of Guyana's oil wealth; however, scholars have well documented that resource blessing can become a resource curse. This thesis examines Guyana's history leading up to oil discovery, evaluates the post-discovery political events that exhibit mechanisms of the resource curse, and assesses Guyana's economic progress and policies implemented to understand how these mechanisms affect Guyana and how Guyana is mitigating the harmful effects of the resource curse. This thesis concludes that several mechanisms of the resource curse are contributing to the contentious political environment and negatively affecting economic development and growth. However, Guyana has progressed in politics, including improvements in transparency, implementation of local elections, and adoption of rules to mitigate violence. Guyana also has implemented several economic policies, including establishing a development strategy, a natural resource fund, and a local content policy to reduce the economic effects of the resource curse. These safeguards, among others, are helping Guyana to avoid the resource curse.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 01, 2023
- Accession Number
- AD1212921
Entities
People
- Jerimy R. Hartless
Organizations
- Naval Postgraduate School