Sustainable development, extractive model and foreign investment in Colombia
Keywords:
Extractive economy, sustainable development, neo—extractivism, foreign investment, Commodity consensusAbstract
The role of the extractive sector in economy has been a topic of debate in recent years. This paper analyzes the growth of Canadian investment in Colombia, particularly in relation to mining activities, focusing on two multinational cases of this North American country. Findings indicate that increasing exploitation of coal, oil and gold has negatively impacted the Colombian economy, the domestic environment and the public health of local communities. In addition, the extractive economy has increased violation of human and labor rights, where even Canadian companies–which have previously signed agreements to comply with ethical and social responsibility practices under the Free Trade Agreement between Colombia and Canada–have been at the center of criticism. This context and the fall in international oil and coal prices expose vulnerability of an economy dependent on commodities, which lead us to rethinking and debate the Latin American development model.
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