Prof. Yates Publishes Chapter on the Rise and Fall of Oil-rentier States in Africa |
Wednesday, 04 March 2015 |
Yates' chapter covers the oil industry, using the theory of the rentier state as a template to compare the oil-dependency, inequality, a corrupt rentier mentality, enclave industrialization, decline of agriculture, high vulnerability to oil price shocks, and a long chain of causation, surprisingly negative, coming out of what appears at fist to be a blessing of oil revenues. Ultimately, Yates concludes, "the decline and fall of oil-rentier states will be the unintended consequence of their regimes living off unearned oil revenues, instead of attending to the genuine developmental needs of their domestic populations." (p. 62)
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