Chapter

A Growth Collapse with High Rent Point Resources: Saudi Arabia

Richard M. Auty

in Resource Abundance and Economic Development

Published in print October 2004 | ISBN: 9780199275786
Published online April 2005 | e-ISBN: 9780191602160 | DOI: http://dx.doi.org/10.1093/0199275785.003.0012

Series: WIDER Studies in Development Economics

A Growth Collapse with High Rent Point Resources: Saudi Arabia

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This chapter examines the growth collapses in Saudi Arabia in the mid-1980s. The growth collapses occurred because resource rents encouraged the relaxation of market discipline that compounded distortions within the economy that were politically difficult to correct. Saudi Arabia’s paternalistic government played Santa Claus with the rents, such that even large investments in education left most nationals ill-equipped to cope without state support.

Keywords: Saudi Arabia; economic development; resource-abundant countries; growth collapse

Chapter.  6538 words.  Illustrated.

Subjects: Economic Development and Growth

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