Oil, economic development, and diversification of Brunei Darussalam

About this book

The tiny oil-rich state of Brunei is one of the wealthiest countries in the world and its hereditary ruler, the Sultan of Brunei, is among the world's richest men. Paradoxically, like a number of small Middle Eastern oil states, Brunei faces complex and potentially unsettling development problems. How can the country achieve long-term sustainable levels of growth given its dependence on finite hydrocarbon resources? Can a programme of economic diversification create employment for the rapidly growing population? Will the implementation of a number of development strategies be able to prevent the emergence of a culture based on consumption without production, wealth without work? . Oil, Economic Development and Diversification seeks to answer these questions in three ways. It provides, first, a balanced and informed account of the economic and social development of Brunei using a range of recent published and unpublished material. Second, it outlines the structure and mechanisms of development planning and assesses the impact of diversification policies on the economy of the state. Third, it provides an account of some of the important connections between economy and society, culture and the political system of Brunei, connections which are important both in understanding the state, and in evaluating its place in the South-East Asian region.