The internal determinants of eight oil-exporting countries' resource-based industry performance

The performance of the oil-exporters' resource-based industry (RBI) was determined by sectoral mix, type of enterprise and macroeconomic policy. RBI strategies tended to be overambitious and overdependent on one sector, especially in the bigger countries. Wholly state-owned enterprises (SOEs) e...

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Bibliographic Details
Published in:The Journal of development studies 1989-04, Vol.25 (3), p.354-372
Main Author: Auty, Richard M.
Format: Article
Language:English
Subjects:
Economic performance
Exports
Foreign Affairs
Industry
Oil
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Summary:The performance of the oil-exporters' resource-based industry (RBI) was determined by sectoral mix, type of enterprise and macroeconomic policy. RBI strategies tended to be overambitious and overdependent on one sector, especially in the bigger countries. Wholly state-owned enterprises (SOEs) experienced more problems than joint-ventures. Macroeconomic mismanagement shrank domestic markets and denied competitive exchange rates for viable exports. The dismal Nigerian and Venezuelan RBI performances reflect weak macroeconomic policy and the dominance of SOE steel. Results are better in the soundly-managed Asian economies which also benefited from greater use of joint-ventures with multinational corporations. The anomaly of Saudi Arabia's initial under-performance reflects strategy flaws.
ISSN:0022-0388
1743-9140
DOI:10.1080/00220388908422117