Resource Rich Muslim Countries and Islamic Institutional Reforms

Resource Rich Muslim Countries and Islamic Institutional Reforms explores the resource curse, a condition in which a country's abundance of natural resources is negatively linked with its development and economic growth. Recent studies have indicated that institutional failure is a likely cause of the curse, as wealth of resources tends to cause counterproductive behaviors such as rent-seeking, patronage, and corruption. To counteract the negative effects of the resource curse, the authors provide a number of Islamic institutional reforms.

Format: Hardback
Length: 172 pages
Publication date: 27 March 2018
Publisher: Peter Lang Publishing Inc

Resource Rich Muslim Countries and Islamic Institutional Reforms delves into the intricate relationship between a country's abundant natural resources and its development and economic growth, known as the resource curse. This phenomenon has garnered extensive attention over the past two decades, with researchers striving to establish its existence and explore the underlying causes. Recent studies have shed light on institutional failure as a probable factor contributing to the curse, as the wealth of resources often leads to counterproductive behaviors such as rent-seeking, patronage, and corruption. The subpar economic performance of resource-rich Muslim countries within the Organization of the Islamic Cooperation (OIC) can be attributed to the manifestation of this resource curse. Collectively, the OIC member countries contribute over 9% to the world's total GDP, with a population of 22.8%. Saudi Arabia and the United Arab Emirates alone account for approximately 17% of global oil production. Given their abundant resources, these countries should be at the forefront of economic growth and prosperity. However, when compared to nations that lack natural resources (such as Spain, France, Hong Kong, and Japan), we observe a contrasting reality. Through a comprehensive analysis of select countries, the authors have uncovered evidence suggesting that natural resources impede a country's economic growth, thus confirming the presence of the resource curse. Furthermore, their research identifies weaknesses in the quality of institutions as the root cause of this predicament. In response to the detrimental effects of the resource curse in resource-rich Muslim countries, the authors propose a series of Islamic institutional reforms aimed at mitigating these challenges. These reforms encompass various aspects, including enhancing governance, promoting transparency, and fostering economic diversification. By implementing these measures, resource-rich Muslim countries can strive to overcome the resource curse and achieve sustainable development and prosperity.

Weight: 382g
Dimension: 154 x 229 x 18 (mm)
ISBN-13: 9781433143519
Edition number: New ed