Using a survey of communal conservancies in Namibia, we find that they provide some direct economic benefits to conservancy members, but that indirect benefits promoting development for all residents have not materialized. This partially explains why a high level of discontent with community-based natural resource management (CBNRM) as a development strategy remains, which would need to be addressed with policies that promote a more equitable distribution of benefits from CBNRM. Advocates of CBNRM draw on theories of comparative advantage and collective action to argue that communal conservation efforts enhance the viability of nature tourism as a rural development strategy. We employ a mixed-methods approach to test to what extent CBNRM generates direct and indirect economic benefits, and if these benefits induce participation in communal conservation. Keywords: economic development, community-based conservation, nature tourism, social justice, mixed methods, Namibia.