Natural Resources, Governments and Governance

Abstract

Asset manager Jeremy Grantham warns in a recent letter to his investors of a paradigm shift in the area of natural resources. He outlines that after years of declining prices for resources, supply shortages and supply stops are likely to become future reality (Grantham, 2011). Price data supports this claim as from 2000 to 2008 prices for iron and iron scrap rose by 385% (IW, 2008). At the same time, due to an increasing demand for food and energy crops agricultural commodity prices are likely to remain high and therefore land investments gained importance, especially in the global South. As land investments are frequently accompanied by regional resettlement programmes, weak governmental as well as governance structures and energy crop cultivation being often a direct competitor to food production on existing cropland, violent conflicts are likely to occur. All of the above illustrate that natural resources have spurred state action in different ways in the past and will continue to do so. On the one hand natural monopoly and regulation issues have to be tackled on the other hand the scarce nature of these resources may lead to protectionist or conservationist government measures. The most recent price hike of resources, such as land, gas or metals and its linked likelihood of conflicts has brought resources back on the political agenda, where they are expected to remain a major issue for the near future. The objective of this panel is to discuss different governmental policies concerning natural resources, either aiming at liberalisation, supply security or at a potential source of economic development and to find reasons for diverging policies. We invite comparative papers as well as case studies regarding resource policies on the national, international and supranational level. Relevant research questions could be: - How do international and national policies influence commodity flows? - How effectively do governments manage resource-related conflicts? The panel aims to discuss those, and similar, questions and qualitative and quantitative approaches. However, some link to natural resources should be given.GRANTHAM, J. 2011. Time to wake up: Days of Abundant Resources and Falling Prices Are Over Forever. Boston: GMO Quarterly Letter. IW 2008. Sichere Energie- und Rohstoffversorgung- Herausforderungen für Politik und Wirtschaft. Institut der deutschen Wirtschaft. Pressekonferenz 28. August 2008.

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