This article examines myth and reality vis-à-vis
natural resources and energy security in peripheral economies, with
special focus on Bangladesh. It highlights the fact that resource
abundance does not
automatically translate into development; countries
like Bangladesh suffer because of their local hegemonic rulers and
global alliances which, in the name of development, extract
disproportionate private profits from common property through the use of
corrupt practices and skewed policies. The article also insists that
natural energy resources should be considered common property, and in
order to make development meaningful and sustainable should remain so.
Planned development of the national capability is an essential
precondition to maximise the potential use of natural resources. In the
context of Bangladesh, a ban on exporting mineral resources and open-pit
mining is also necessary to ensure energy security and sustainable
development. It concludes that energy-sovereignty is the key to energy
security, and therefore to sustainable development.
