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Resource Rich Muslim Countries and Islamic Institutional Reforms

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Liza Mydin, Hossein Askari and Abbas Mirakhor

Resource Rich Muslim Countries and Islamic Institutional Reforms explores the "resource curse," a condition in which a country’s abundance of natural resources is negatively linked with the country’s development and economic growth, in resource rich Muslim countries. The resource curse puzzle has been studied for over twenty years, with prior researchers looking to prove its existence and explore its causes. Recent studies have begun to indicate institutional failure as a likely cause of the curse, as wealth of resources tends to cause counterproductive behaviors such as rent-seeking, patronage and corruption. The subpar economic performance of resource rich Muslim countries in the Organization of the Islamic Cooperation (OIC) could be attributed to the manifestation of a resource curse. Collectively, the member countries of the OIC contribute over 9% of the world’s total GDP with 22.8% of the world’s population. Saudi Arabia and the United Arab Emirates alone contribute about 17% of world oil production. Resource rich Muslim countries should be at the forefront of economic performance and growth, yet we see the opposite when we compare the performance of these countries to countries that are not resource rich (such as Spain, France, Hong Kong and Japan). Through an analysis of sample countries, the authors have discovered that natural resources exert a drag on the countries’ economic growth, thereby indicating the presence of the resource curse. Their research also found weaknesses in the quality of institutions as the cause of the curse. To counteract the negative effects of the resource curse in resource rich Muslim countries, the authors provide a number of Islamic institutional reforms.

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Names: Mydin, Liza, author. | Askari, Hossein, author. | Mirakhor, Abbas, author. Title: Resource rich Muslim countries and Islamic institutional reforms / Liza Mydin, Hossein Askari, and Abbas Mirakhor. Description: New York: Peter Lang, 2018. Series: Economic, political and social institutions in Islam; vol. 1 ISSN 2573-2161 (print) | ISSN 2573-217X (online) Includes bibliographical references and index. Identifiers: LCCN 2017027971 | ISBN 978-1-4331-4351-9 (hardback: alk. paper) ISBN 978-1-4331-4352-6 (ebook pdf) | ISBN 978-1-4331-4353-3 (epub) ISBN 978-1-4331-4354-0 (mobi) Subjects: LCSH: Organisation of Islamic Cooperation. Natural resources—Islamic countries. | Resource curse—Islamic countries. Petroleum industry and trade—Islamic countries. | Islamic countries—Economic conditions. Economics—Religious aspects—Islam. Classification: LCC HC499.Z65 M93 2017 | DDC 333.70917/67—dc23 LC record available at https://lccn.loc.gov/2017027971 DOI 10.3726/b11157

Bibliographic information published by Die Deutsche Nationalbibliothek. Die Deutsche Nationalbibliothek lists this publication in the “Deutsche Nationalbibliografie”; detailed bibliographic data are available on the Internet at http://dnb.d-nb.de/.

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