In the last two centuries, international trade and technical progress have been crucial drivers of economic development. However, the functioning of modern economies still hinges on the use of natural resources like fossil fuels and minerals. Since the supplies of these resources are very unevenly distributed among countries, resource trade has become an important part of globalization. In particular, many industrialized economies heavily depend on imports from resource-rich countries. The dominance of natural resource extraction in certain national economies creates specific risks and opportunities for development and competitiveness.
Full-text available in .pdf