Open access
HOW MONOCULTURE ECONOMIES WORK IN THE CONDITIONS OF GROWING TENSIONS IN NATURAL RESOURCES MARKETS
Mirosław GEISE1, Maria Ewa SZATLACH2
Transformation Challenges (selected)
Publication language: English
Journal article
Transformations No. 3-4 (94-95) 2017, Publication date: 30 November 2017
Keywords: monoculture structure of economy, natural resources markets, crude oil, gas, Norway, Russia, corporations
Abstract The article is an attempt to verify the concept of Jeffrey D. Sachs and Andrew M. Warner`s about „the curse of natural resources”1. According to the researchers, if the country has abundant natural resources that create a monoculture structure of economy, it reduces the supply of capital needed to run other productive economic activities and therefore, it affects the decline in the long-run economic growth. The aim of the article is to assess the impact of changes in prices of crude oil and natural gas on the economic situation in Russia and Norway, two countries with a monocultural economic structure. The methodology is based largely on the analysis of economic data of these economies and some selected companies. The comparisons between countries and corporations require the use of index methods. Financial reports of Gazprom and Statoil, two companies of strategic importance for economies of Russia and Norway, were also used in the article.
Kazimierz Wielki University, Bydgoszcz, Poland
E-mail: mgeise@o2.pl
Kazimierz Wielki University, Bydgoszcz, Poland
E-mail: maeszatlach@wp.pl