Our work provides a selective survey of the literature on the relation between natural resources and industrialization, with a focus on extractive industries. The paper consists of three sections. First, it discusses the main problems identified by the scholars in relation to the abundance of natural resources with especial focus on extractive industries. Second, it addresses two dimensions of the nexus between natural resources and industrial development: a fiscal one and a productive one. Third, it critically examines the two dimensions in order to find the conditions needed to set up a strategy of industrial development applicable to the extractive industries. Then, it briefly discusses some relevant issues partially neglected in early literature, and then suggests insights for further research. ; Depto. de Economía Aplicada, Estructura e Historia ; Fac. de Ciencias Económicas y Empresariales ; TRUE ; pub