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Despite the vast amount of academic work estimating the impact of natural resources on development, very little attention has been devoted to the implications of using one type of natural resource measurement over another. This study fills this important gap in two ways. Firstly, it puts forward the biases and statistical misconceptions associated with different measurements of resource wealth, which have often led to the wrong classification of resource-poor countries as resource-rich and vice versa. As a result of the limitations of existing measurements, the discourse around extractives-based development has tended to lump various countries together, considering them all to be 'resource-rich', which is misleading. Instead, this paper shows that resource wealth and dependence are multifaceted. Secondly, in contrast to the conventional measurements that have relied on different indicators of resource wealth in isolation from one another, this study sheds light on the need for a multidimensional approach to measuring resource endowment. I propose a new indicator, the MINDEX, which weights six different variables of both resource abundance and dependence across several dimensions (extractives reserves, production, exports, and government revenues) that relate to the different steps of resource exploitation chain to harness natural resources for development. Because of its methodology, the MINDEX can also serve as a diagnostic tool that contributes to identifying some of the extractives-related policy challenges that a given country may face at a given time (such as illegal commodity smuggling, poor appropriation/taxation of commodity revenues, limited production capacity of existing deposits, vulnerability to commodity price fluctuations, and acute commodity dependence). It therefore also responds to the need for a new measure of extractives-based development to indicate whether a country is moving in the right or wrong direction over time and has clear relevance for informing resource mobilization dynamics and development strategies.

ABSTRACTConventional wisdom has proclaimed Chile's recent economic development a 'free market miracle'. In an examination of Chile's export diversification experience, this article departs from that view. By analysing the dynamics underlying the emergence of the salmon, fruit, forestry and wine sectors in Chile's export basket since the 1960s, the study sheds light on the crucial role of industrial policy in the process of capability accumulation that shapes new industries. The article undertakes a qualitative historical analysis of the scope and nature of policy interventions in each of the four sectors and conducts a quantitative policy evaluation using the difference‐in‐difference method. It finds that public institutions are essential in overcoming market failures inhibiting the emergence of new industries. Specifically, it shows that the government has a key role to play as a catalyst of human capital accumulation, as a venture capitalist, in trade promotion, and in ensuring 'national' sector reputation through a strong regulatory and quality control role. By elaborating on the dynamic process of structural transformation and capability accumulation, this article contributes to theoretical debates on the role of vertical policies in the emergence of new competitive sectors, and debates relating to static versus dynamic approaches to comparative advantage.

Conventional wisdom has proclaimed Chile's recent economic development a 'free market miracle'. In an examination of Chile's export diversification experience, this article departs from that view. By analysing the dynamics underlying the emergence of the salmon, fruit, forestry and wine sectors in Chile's export basket since the 1960s, the study sheds light on the crucial role of industrial policy in the process of capability accumulation that shapes new industries. The article undertakes a qualitative historical analysis of the scope and nature of policy interventions in each of the four sectors and conducts a quantitative policy evaluation using the difference-in-difference method. It finds that public institutions are essential in overcoming market failures inhibiting the emergence of new industries. Specifically, it shows that the government has a key role to play as a catalyst of human capital accumulation, as a venture capitalist, in trade promotion, and in ensuring 'national' sector reputation through a strong regulatory and quality control role. By elaborating on the dynamic process of structural transformation and capability accumulation, this article contributes to theoretical debates on the role of vertical policies in the emergence of new competitive sectors, and debates relating to static versus dynamic approaches to comparative advantage.

The management of revenues from exhaustible natural resources involves a number of challenges. In this paper, we argue that the standard policy advice to managers of resource revenues has been dominated by short-termism and the lack of a perspective on economic development and structural transformation. As a result, mainstream approaches have often addressed only the symptoms of commodity dependence (e.g. vulnerability to commodity price volatility) rather than its root causes (insufficiently diversified productive structures). This paper starts by mapping out the various options for managing resource revenues, and reviews their respective economic and political implications. After discussing the limitations of existing theoretical approaches, we suggest an alternative resource revenue management model that is more suited to the context of commodity-dependent developing countries. This approach, which consists in the gradual scaleup of investments in productivity-enhancing assets, enables the alignment of the dual objectives of short-term stabilization and long-term diversification.