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ABSTRACT In this paper we present a structuralist two‐sector model on economic development, structural change and natural resource booms. We describe a multiple equilibria scenario, in which manufacturing development is the main source of economic progress. Natural resource booms, by modifying the productive structure of the economy, may set destabilizing forces. De‐industrialization processes may take place, confining developing countries in poverty traps. Public intervention in the economic sphere, both through short‐run macro policies and through long‐run development strategies, may help to free the economy from poverty traps and to foster the development process.
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