Focusing on how to improve institutions there needs to be consideration of the fact that institutions have rent seeking behaviors because both local governments and foreign investors want to acquire a greater share of the production and the benefits. In attempt to find some solution of how countries can overcome the Resource Curse without having to totally reconstruct the political system the goal should be to be to focus on actions from the private sector. The private sector tends to magnify rent seeking behavior and to solidify any solution I performed interviews from industry leaders who have been working in economic development for the past decades. The purpose was to understand what companies are doing now to ensure sustainable development and how that has changed over the past decades.
In the end, the private industry is focusing on regulations that standardize polices for companies pursuing foreign direct investment requiring them to also focus on local economic growth and development. This requires foreign investors to understand the local culture, environment, and institutions leading to overall better choices for long term profitably, thus fulfilling their rent seeking tendencies. One of the biggest proven solutions is the Social License to Operate which is essentially an agreement created by the private investor that requires the local community to be informed and holds the investor accountable. In the end, if the private sector can positively impact a community whilst maintaining their own agenda then a country can overcome the Resource Curse.
My Honors Thesis was a creative project in which I created a new course, The Road to Women’s Economic Empowerment (SGS 494). This course explores how different societal features affect the agency and economic development of women worldwide. We begin by defining women’s agency and conceptualizing the barriers to women’s economic empowerment. Barriers include gender norms, health conditions, degradation of environmental and/or natural capital, discrimination, and skewness in political representation. Each barrier is given further investigation through case studies in a variety of countries. We end the course by looking at policies and laws in different countries, evaluating their success and failures to improve women’s economic and social autonomy. This is an online course which includes video interviews and podcasts from scholars and activists, a quiz every other week, video posts which enable discussion of material with peers, and a final project to apply the concepts introduced in class.