“This important book sets a sensible and specific way forward. It should be read by all involved in economic development and international action on climate change.” —Lord Nicholas Stern, author of the Stern Review

Reliance on natural resource revenues, particularly oil, is often associated with bad governance, corruption, and poverty. Worried about the effect of oil on Alaska, Governor Jay Hammond had a simple yet revolutionary idea: let citizens have a direct stake. Thirty years later, Hammond’s vision...