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Erschienen in:
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2021 | OriginalPaper | Buchkapitel

Introduction

verfasst von : Jonathon W. Moses, Rochelle Spencer, Eduardo G. Pereira

Erschienen in: Sovereign Wealth Funds, Local Content Policies and CSR

Verlag: Springer International Publishing

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Abstract

The analogy that follows includes 35 chapters, 16 cases and 12 very different countries. This chapter provides a brief overview of these cases and introduces the concepts and literatures associated with three main tools for managing a modern resource economy: sovereign wealth funds, local content policies and corporate social responsibility.

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Nächstes Kapitel Public Wealth Management and Distribution in the Extractive Industry in Nigeria
Fußnoten
1
For further reading, we suggest Hickel (2019) and Nilsen (2019).
 
2
As is clearly evident in the chapters on Alaska (“Alaska’s Petroleum Industry, Institutions and Sovereign Wealth Fund”, “Alaska's Tug of War on Land Rights” and “Alaska’s Corporate Social Responsibility:​ The Economics of the Corruption Case of VECO”), federal systems complicate this simple picture, as the interests of state residents may not correspond with the interest of the national citizenry.
 
3
This understanding of rent was initially introduced by Ricardo (1817), but subsequently developed by George (1879).
 
4
See, e.g., Yergin (2009: Chaps. 12 and 13). These examples came to influence the subsequent creation of OPEC. See Yergin (2009: 495), but also Rabe (1982).
 
5
In this volume, we set aside the other, arguably more common, aspects of resource management (e.g. how to maximise efficiency, protect the environment, etc.), in order to focus on the political and economic effects.
 
6
The «Paradox of Plenty» comes from a 1997 book title by Terry Lynn Karl. The “resource curse” was first coined by Auty (1993) to describe how natural resource wealth was not generating the effect on economic growth that economists expect. Subsequent econometric work by Sachs and Warner (1995) and a 1999 article in World Politics by Michal Ross brought his work to even broader audience. The notion of a “rentier state” was first introduce by Mahdavy (1970) with reference to the political challenges associated with Middle Eastern states that rely heavily on resource rents; whereas the term, “Dutch Disease” was first introduced in a 1977 Economist article referring to a decline in the Dutch manufacturing sector after that country’s natural gas discoveries in the 1950s.
 
7
Expectations are a large part of the problem. The defining characteristic of developing countries is a lack of investment capital (or excess labour, relative to the domestic capital supply). As resource wealth introduces an abundance of capital to countries that were previously starved for investments (but pregnant with labour), economists expect significant economic growth from the injection of new capital.
 
8
Consider a country that has previously relied on agricultural exports, but then uncovers a mineral Eldorado. All of a sudden, capital is flooding into the country, inflating prices across the board (as we saw above). Wages and returns on investment grow higher in the mining sector, relative to the agricultural sector, so that workers and capital are drawn from agriculture and into mining. The agricultural export industry finds it increasingly difficult to attract new workers and investors, and the industry must raise their prices (wages) accordingly. As a result, the price of the country’s agricultural exports rises, relative to the global competition, making it more difficult to compete/sell. Over time, the agricultural industry falls further into decline.
 
9
There is no agreed-upon means for measuring or comparing the level of “government take” across countries. Indeed, most measures ignore the political take and focus on the economic value, often measured as if it was some sort of “taking” from the international oil company! See, e.g., Johnston (2007) for a description of the different means used to estimate government take and Johnston (2008: 34) for a useful graphic depiction of variations in government take, across countries. For an alternative metric, see API (2012).
 
10
A royalty is levy where the owner is entitled to a given percentage of the wealth being produced. In other words, a royalty is a payment to an owner for the use of property (here natural resources)—it is designed to compensate an owner for use of her/his asset.
 
11
For example, in Norway, the authorities today rely on six sources of income from the petroleum sector: dividends from its majority ownership share in the national oil company (Equinor); state direct ownership in sundry production licences (so-called SDFI); area fees; a NOx tax; a CO2 tax; and taxes on petroleum companies. The latter consists of an ordinary company income tax of about 27% (which all companies pay) plus an additional 50% tax on petroleum firms, to secure the rent. See Moses and Letnes (2017: 100–103).
 
12
Investors are often concerned by the lack of political and/or fiscal stability among the large number of oil and gas provinces around the world. This is why it is fairly common for host governments to sign bilateral investment treaties (BIT) and/or add stabilisation provisions in their relevant contracts order to offer further assurances to investors that future governments will not change the key terms of the said deal. However, it is outside the scope of this book to analyse these matters.
 
13
There are good introductions to the international variance in SWFs found in the Chapters “Overview of Extractive Resources Management in Indonesia” and “Sovereign Wealth Funds and Impact Investing in Australia”. See also the forthcoming edited volume by Okpanachi and Tremblay (2020).
 
14
When governments are suspected of being corrupt or inefficient, it is often tempting (if not always accurate) to think of a SWF as an alternative budget, one that can be created with better means of control and oversight. But SWFs that are poorly integrated with the budget can easily lead to a loss of overall fiscal control and problems of coordinating expenditures. In practice, corrupt officials have not found it difficult to bypass controls and drain the SWFs for their own private gain.
 
15
See Moses and Letnes (2017: 139–143) for a longer discussion about the nature of international constraints on LCPs.
 
16
Although in some countries it is, e.g. India.
 
17
For an influential introduction to the subject matter, see Carroll (1979, 1991).
 
Literatur
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Metadaten
Titel
Introduction
verfasst von
Jonathon W. Moses
Rochelle Spencer
Eduardo G. Pereira
Copyright-Jahr
2021
Buch
Sovereign Wealth Funds, Local Content Policies and CSR

Print ISBN: 978-3-030-56091-1

Electronic ISBN: 978-3-030-56092-8

Copyright-Jahr: 2021

DOI
https://doi.org/10.1007/978-3-030-56092-8_1

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