Routledge Energy, Wealth and Governance in the Caucasus and Central Asia: Lessons not learned (Central Asia Research Forum)

Product Description Drawing upon recent progress in development economics and political science, the book provides fresh analysis of the Caucasus and Central Asia (CCA) countries transition to a market economy by tracing the impact of natural resource endowment. The book examines the synergies between energy-rich and energy-poor states and highlights the practical consequences of both well-managed and poorly-managed deployment of energy. Featuring contributions from prominent specialists on resource-driven economies, the book argues that unless CCA elites change the way in which they deploy natural resource, revenues regional development will fall short of its potential with possible disastrous consequences. The contributors apply the experience of the developing market economies to demonstrate that the region still holds considerable potential to become an important, stable supplier of raw materials and a source of industrial demand to the global economy. However, the CCA is equally likely to become a threat to the global economy as a consequence of the misuse of energy revenues to promote the interests of predatory political elites. Review "One may think the rather unusual title would sum up the situation in the states formerly allied in the Soviet Union fairly well, but in fact the reasons why lessons were not learned are much more complex than mere incompetence or corruption. Instead, the states were involved in too many major projects at the same time: building new governance, creating new market economies, and forging new links in the global economy. These 15 articles are unflinchingly honest, and some are actually optimistic that perhaps some lessons will be learned in time. Their topics include introductions to the problems of transition democracies and resource-driven models of the political economy, transition trends and scenarios within the region (including information on each of the resource-poor and resource-rich states), synergies of those states and the complex nature of the markets, the strength of external leverage on the region." --Reference & Research Book News About the Author Richard Auty is Professor of Economic Geography at Lancaster University, UK. Indra de Soysa is Associate Professor of Political Science at the Norwegian University of Science and Technology.