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| '''Dutch disease''' is an ] phenomenon in which the discovery and exploitation of ]s ''deindustrializes'' a nation's economy. In the given scenario, the value of the country's ] rises (making manufactured goods less competitive), imports increase, exports decrease, and productivity falls. The phemomenon was first observed in the ] in the 1960s, when large reserves of ] in the North Sea were first exploited. There is now a substantial body of research on the topic. | '''Dutch disease''' is an ] phenomenon in which the discovery and exploitation of ]s ''deindustrializes'' a nation's economy. In the given scenario, the value of the country's ] rises (making manufactured goods less competitive), imports increase, exports decrease, and productivity falls. The phemomenon was first observed in the ] in the 1960s, when large reserves of ] in the North Sea were first exploited. There is now a substantial body of research on the topic. | ||
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==See also== | ||
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Revision as of 09:39, 28 February 2005
Dutch disease is an economic phenomenon in which the discovery and exploitation of natural resources deindustrializes a nation's economy. In the given scenario, the value of the country's currency rises (making manufactured goods less competitive), imports increase, exports decrease, and productivity falls. The phemomenon was first observed in the Netherlands in the 1960s, when large reserves of natural gas in the North Sea were first exploited. There is now a substantial body of research on the topic.