"The study of natural resource extraction in resource-rich countries often shows that plunder, rather than prosperity, has become the norm. Management of natural resources differs widely in every state; a close examination of the decision-making chains in various states highlights the key...

This paper investigates the scope for international rules to address market failures in trade in natural resources and the associated international transactions of prospecting and investment in resource exploitation. We argue that several market failures are likely to have substantial costs....