(The Case of Azerbaijan and Its Oil Fund Management)


Mehmet Kalyoncu, Graduate fellow at the Center for Eurasian, Russian and East European Studies, Edmund A. Walsh School of Foreign Service, Georgetown University (Washington, U.S.)

Dependency is what the state elite, be it government officials or the political leader, of the developing countries at the periphery make of it. That is, whether the economic ties of the periphery with the center lead to modernization and prosperity or dependency and underdevelopment depends on the development policies of the periphery states.

In that sense, analysis of the economic policies of a given government gives us insights about whether the country is heading to democracy and prosperity, or authoritarianism and underdevelopment. Such analysis is especially crucial for countries undertaking state-building process and development of their vast natural resources simultaneously. Azerbaijan provides a perfect example.


Multinational corporations may lead either to satellite-center relationship and hence underdevelopment of the periphery, or to prosperity and modernization at the periphery. What determines the outcome out of these two is the attitude of the government, specifically of the

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