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Economic Development

ISBN: 9780321278883 | 0321278887
Edition: 10th
Format: Hardcover
Publisher: Addison Wesley
Pub. Date: 1/1/2009

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SummaryTable of Contents
"What are the sources of economic development and long-term growth? Why are less developed countries poor, and what can they do about it? What is the role of foreign aid and fiscal policy in promoting development, and how might current systems be improved? Todaro and Smith pose these questions and then combine a problem-solving, policy-oriented approach with numerous case studies to teach students to evaluate current policies and issues."--BOOK JACKET.
Todaro and Smith believe that development economics should fost... MORE
Prefacevii
Case Studiesxxvii
Part One Principles and Concepts
Economics, Institutions, and Development: A Global Perspective
... MORE(34)
How the Other Half Live
3(5)
Economics and Development Studies
8(6)
The Nature of Development Economics
9(1)
Why Study Development Economics? Some Critical Questions
10(3)
The Important Role of Values in Development Economics
13(1)
Economies as Social Systems: The Need to Go Beyond Simple Economics
14(1)
What Do We Mean by Development?
15(10)
Traditional Economic Measures
15(1)
The New Economic View of Development
16(1)
Sen's ``Capabilities'' Approach
17(3)
Three Core Values of Development
20(2)
The Three Objectives of Development
22(1)
The Millennium Development Goals
22(3)
Conclusions
25(2)
Case Study: Progress in the Struggle for More Meaningful Development: Brazil
27(10)
Comparative Development: Differences and Commonalities among Developing Countries
37(65)
Defining the Developing World
38(3)
The Structural Diversity of Developing Economies
41(8)
Size and Income Level
42(2)
Historical Background
44(1)
Physical and Human Resources
45(1)
Ethnic and Religious Composition
45(1)
Relative Importance of the Public and Private Sectors and Civil Society
46(1)
Industrial Structure
47(2)
Political Structure, Power, and Interest Groups
49(1)
Common Characteristics of Developing Nations
49(22)
Low Levels of Living
50(9)
A Holistic Measure of Living Levels: The Human Development Index
59(5)
Low Levels of Productivity
64(1)
High Rates of Population Growth and Dependency Burdens
65(2)
Substantial Dependence on Agricultural Production and Primary-Product Exports
67(2)
Prevalence of Imperfect Markets and Incomplete Information
69(1)
Dependence and Vulnerability in International Relations
70(1)
How Developing Countries Today Differ from Developed Countries in Their Earlier Stages
71(8)
Physical and Human Resource Endowments
72(1)
Relative Levels of Per Capita Income and GDP
73(1)
Climatic Differences
73(1)
Population Size, Distribution, and Growth
74(1)
The Historical Role of International Migration
74(2)
The Growth Stimulus of International Trade
76(1)
Basic Scientific and Technological Research and Development Capabilities
77(1)
Stability and Flexibility of Political and Social Institutions
78(1)
Efficacy of Domestic Economic Institutions
79(1)
Are Living Standards of Developing and Developed Countries Converging?
79(3)
Conclusion
82(2)
Case Study: Divergent Development: Pakistan and Bangladesh
84(13)
Appendix 2.1 Components of Economic Growth
97(5)
Classic Theories of Economic Development
102(38)
Classic Theories of Economic Development: Four Approaches
103(1)
Development as Growth and the Linear-Stages Theories
104(4)
Rostow's Stages of Growth
104(1)
The Harrod-Domar Growth Model
105(2)
Obstacles and Constraints
107(1)
Necessary versus Sufficient Conditions: Some Criticisms of the Stages Model
107(1)
Structural-Change Models
108(7)
The Lewis Theory of Development
108(5)
Structural Change and Patterns of Development
113(1)
Conclusions and Implications
114(1)
The International-Dependence Revolution
115(4)
The Neocolonial Dependence Model
115(2)
The False-Paradigm Model
117(1)
The Dualistic-Development Thesis
117(1)
Conclusions and Implications
118(1)
The Neoclassical Counterrevolution: Market Fundamentalism
119(5)
Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches
119(2)
Traditional Neoclassical Growth Theory
121(2)
Conclusions and Implications
123(1)
Classic Theories of Development: Reconciling the Differences
124(2)
Case Study: Schools of Thought in Context: South Korea and Argentina
126(10)
Appendix 3.1 The Solow Neoclassical Growth Model
136(4)
Contemporary Models of Development and Underdevelopment
140(53)
The New Growth Theory: Endogenous Growth
141(4)
Motivation for the New Growth Theory
141(2)
The Romer Model
143(1)
Criticisms of the New Growth Theory
144(1)
Underdevelopment as a Coordination Failure
145(3)
Multiple Equilibria: A Diagrammatic Approach
148(5)
Starting Economic Development: The Big Push
153(9)
The Big Push: A Graphical Model
155(6)
Why the Problem Cannot Be Solved by a Super-Entrepreneur
161(1)
Further Problems of Multiple Equilibria
162(4)
Kremer's O-Ring Theory of Economic Development
166(5)
The O-Ring Model
166(3)
Implications of the O-Ring Theory
169(2)
Conclusions: Multiple Equilibria and Coordination Failures
171(3)
Case Study: Understanding a Development Miracle: China
174(19)
Part Two Problems and Policies: Domestic
Poverty, Inequality, and Development
193(69)
Measuring Inequality and Poverty
195(12)
Measuring Inequality
195(7)
Measuring Absolute Poverty
202(5)
Poverty, Inequality, and Social Welfare
207(11)
What's So Bad about Inequality?
207(2)
Dualistic Development and Shifting Lorenz Curves: Some Stylized Typologies
209(3)
Kuznets's Inverted-U Hypothesis
212(4)
Growth and Inequality
216(2)
Absolute Poverty: Extent and Magnitude
218(7)
Growth and Poverty
220(5)
Economic Characteristics of Poverty Groups
225(7)
Rural Poverty
225(2)
Women and Poverty
227(4)
Ethnic Minorities, Indigenous Populations, and Poverty
231(1)
The Range of Policy Options: Some Basic Considerations
232(7)
Areas of Intervention
232(2)
Policy Options
234(5)
Summary and Conclusions: The Need for a Package of Policies
239(2)
Case Study: Making Microfinance Work for the Poor: The Grameen Bank of Bangladesh
241(14)
Appendix 5.1 Appropriate Technology and Employment Generation: The Price-Incentive Model
255(3)
Appendix 5.2 The Ahluwalia-Chenery Welfare Index
258(4)
Population Growth and Economic Development: Causes, Consequences, and Controversies
262(50)
The Basic Issue: Population Growth and the Quality of Life
263(1)
A Review of Numbers: Population Growth---Past, Present, and Future
264(11)
World Population Growth through History
264(1)
Structure of the World's Population
265(7)
The Hidden Momentum of Population Growth
272(3)
The Demographic Transition
275(2)
The Causes of High Fertility in Developing Countries: The Malthusian and Household Models
277(10)
The Malthusian Population Trap
277(3)
Criticisms of the Malthusian Model
280(2)
The Microeconomic Household Theory of Fertility
282(3)
The Demand for Children in Developing Countries
285(1)
Some Empirical Evidence
286(1)
Implications for Development and Fertility
286(1)
The Consequences of High Fertility: Some Conflicting Opinions
287(6)
Population Growth is Not a Real Problem
287(2)
A Deliberately Contrived False Issue
289(1)
A Desirable Phenomenon
289(1)
Population Growth is a Real Problem
290(2)
The Empirical Argument: Seven Negative Consequences of Population Growth
292(1)
Goals and Objectives: Toward a Consensus
293(2)
Some Policy Approaches
295(5)
What Developing Countries Can Do
295(3)
What the Developed Countries Can Do: Resources, Population, and the Global Environment
298(2)
How Developed Countries Can Assist Developing Countries with Their Population Programs
300(1)
Conclusion
300(2)
Case Study: Population, Poverty, and Development: China and India
302(10)
Urbanization and Rural-Urban Migration: Theory and Policy
312(51)
The Migration and Urbanization Dilemma
312(7)
Urbanization: Trends and Projections
313(6)
The Role of Cities
319(4)
Industrial Districts
320(2)
Efficient Urban Scale
322(1)
The Urban Giantism Problem
323(5)
First City Bias
325(1)
Causes of Urban Giantism
325(3)
The Urban Informal Sector
328(6)
Policies for the Urban Informal Sector
330(3)
Women in the Informal Sector
333(1)
Urban Unemployment
334(1)
Migration and Development
335(2)
Toward an Economic Theory of Rural-Urban Migration
337(9)
A Verbal Description of the Todaro Model
339(2)
A Diagrammatic Presentation
341(2)
Five Policy Implications
343(3)
Summary and Conclusions: The Shape of a Comprehensive Migration and Employment Strategy
346(3)
Case Study: Rural-Urban Migration and Urbanization in Developing Countries: India and Botswana
349(11)
Appendix 7.1 A Mathematical Formulation of the Todaro Migration Model
360(3)
Human Capital: Education and Health in Economic Development
363(59)
The Central Roles of Education and Health
363(3)
Education and Health as Joint Investments for Development
366(1)
Improving Health and Education: Why Increasing Income is Not Sufficient
367(2)
Investing in Education and Health: The Human Capital Approach
369(3)
Child Labor
372(4)
The Gender Gap: Women and Education
376(4)
Consequences of Gender Bias in Health and Education
377(3)
Educational Systems and Development
380(12)
Educational Supply and Demand: The Relationship between Employment Opportunities and Educational Demands
380(3)
Social versus Private Benefits and Costs
383(3)
Distribution of Education
386(2)
Education, Inequality, and Poverty
388(2)
Education, Internal Migration, and the Brain Drain
390(2)
Health Systems and Development
392(13)
Measurement and Distribution
392(2)
Disease Burden
394(2)
Malaria and Parasitic Worms
396(2)
HIV and AIDS
398(1)
Health and Productivity
399(3)
Health Systems Policy
402(3)
Policies for Health, Education, and Income Generation
405(2)
Case Study: AIDS---Economic Development Impact and the Needed Response: Uganda and South Africa
407(15)
Agricultural Transformation and Rural Development
422(48)
The Imperative of Agricultural Progress and Rural Development
422(2)
Agricultural Growth: Past Progress and Current Challenges
424(3)
The Structure of Agrarian Systems in the Developing World
427(13)
Two Kinds of World Agriculture
427(1)
Peasant Agriculture in Latin America, Asia, and Africa
428(11)
Conclusions
439(1)
The Important Role of Women
440(2)
The Economics of Agricultural Development: Transition from Peasant Subsistence to Specialized Commercial Farming
442(10)
Subsistence Farming: Risk Aversion, Uncertainty, and Survival
443(6)
The Transition to Mixed and Diversified Farming
449(1)
From Divergence to Specialization: Modern Commercial Farming
450(1)
Conclusions
451(1)
Toward a Strategy of Agricultural and Rural Development: Some Main Requirements
452(5)
Improving Small-Scale Agriculture
452(2)
Conditions for Rural Development
454(3)
Case Study: Improving Agricultural Extension for Women Farmers: Kenya
457(13)
The Environment and Development
470(46)
Economics and the Environment
470(1)
Environment and Development: The Basic Issues
471(4)
Sustainable Development and Environmental Accounting
471(1)
Population, Resources, and the Environment
472(1)
Poverty and the Environment
473(1)
Growth versus the Environment
473(1)
Rural Development and the Environment
474(1)
Urban Development and the Environment
474(1)
The Global Environment
474(1)
The Scope of Environmental Degradation: An Overview
475(3)
Rural Development and the Environment: A Tale of Two Villages
478(2)
Traditional Economic Models of the Environment
480(7)
Privately Owned Resources
480(2)
Common Property Resources
482(2)
Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem
484(2)
Limitations of the Public-Good Framework
486(1)
Urban Development and the Environment
487(6)
The Ecology of Urban Slums
487(1)
Industrialization and Urban Air Pollution
488(3)
Problems of Congestion and the Availability of Clean Water and Sanitation
491(2)
The Need for Policy Reform
493(1)
The Global Environment: Rain Forest Destruction and Greenhouse Gases
494(2)
Policy Options in Developing and Developed Countries
496(7)
What Less Developed Countries Can Do
496(2)
How Developed Countries Can Help LDCs
498(2)
What Developed Countries Can Do for the Global Environment
500(3)
Case Study: Economic Growth and Environmental Sustainability: The Philippines
503(13)
Elizabeth M. Remedio
Development Policymaking and the Roles of Market, State, and Civil Society
516(61)
The Planning Mystique
517(1)
The Nature of Development Planning
518(1)
Basic Concepts
518(1)
Planning in Mixed Developing Economies
518(1)
The Rationale for Development Planning
519(2)
The Planning Process: Some Basic Models
521(1)
Aggregate Growth Models: Projecting Macro Variables
522(2)
Multisector Models and Sectoral Projections
524(1)
Project Appraisal and Social Cost-Benefit Analysis
525(4)
Conclusions: Planning Models and Plan Consistency
528(1)
Problems of Plan Implementation and Plan Failure
529(2)
Theory versus Practice
529(1)
Reasons for Plan Failure
530(1)
Government Failure and the Resurgent Preference for Markets over Planning
531(3)
The Market Economy
534(3)
Sociocultural Preconditions and Economic Requirements
534(1)
Role and Limitations of the Market in LDCs
535(2)
The ``Washington Consensus'' on the State in Development and Its Limitations
537(4)
Toward a New Consensus
539(2)
Development Political Economy: Theories of Policy Formulation and Reform
541(11)
Understanding Voting Patterns on Policy Reform
542(2)
Institutions and Path Dependency
544(1)
Democracy versus Autocracy: Which Facilitates Faster Growth?
545(1)
Development Roles of NGOs and the Broader Citizen Sector
546(6)
Trends in Governance and Reform
552(7)
Tackling the Problem of Corruption
552(2)
Decentralization
554(2)
Development Participation
556(3)
Development Policy and the State: Concluding Observations
559(2)
Case Study: A National Development NGO: The BRAC Model
561(16)
Part Three Problems and Policies: International and Macro
Trade Theory and Development Experience
577(43)
Globalization: An Introduction
577(3)
International Trade and Finance: Some Key Issues
580(2)
Five Basic Questions about Trade and Development
582(4)
Importance of Exports to Different Developing Nations
584(1)
Demand Elasticities and Export Earnings Instability
585(1)
The Terms of Trade and the Prebisch-Singer Thesis
586(1)
The Traditional Theory of International Trade
587(7)
Comparative Advantage
588(1)
Relative Factor Endowments and International Specialization: The Neoclassical Model
589(4)
Trade Theory and Development: The Traditional Arguments
593(1)
Some Criticisms of Traditional Free-Trade Theory in the Context of Developing-Country Experience
594(9)
Fixed Resources, Full Employment, and the International Immobility of Capital and Skilled Labor
595(3)
Fixed, Freely Available Technology and Consumer Sovereignty
598(1)
Internal Factor Mobility and Perfect Competition: Increasing Returns, Imperfect Competition, and Controlled Markets
599(2)
The Absence of National Governments in Trading Relations
601(1)
Balanced Trade and International Price Adjustments
602(1)
Trade Gains Accruing to Nationals
602(1)
Some Conclusions on Trade Theory and Economic Development Strategy
603(4)
Case Study: Taiwan: A Development Success Story
607(13)
The Trade Policy Debate: Export Promotion, Import Substitution, and Economic Integration
620(46)
Trade Strategies for Development: Export Promotion versus Import Substitution
621(18)
Export Promotion: Looking Outward and Seeing Trade Barriers
622(4)
Import Substitution: Looking Inward but Still Paying Outward
626(3)
The is Industrialization Strategy and Results
629(6)
Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision
635(4)
Summary and Conclusions: Trade Optimists and Trade Pessimists
639(2)
Trade Pessimist Arguments
639(1)
Trade Optimist Arguments
640(1)
The Industrialization Strategy Approach to Export Policy
641(2)
Reconciling the Arguments: The Data and the Consensus
643(2)
South-South Trade and Economic Integration: Looking Outward and Inward
645(5)
The Growth of Trade among Developing Countries
645(1)
Economic Integration: Theory and Practice
645(2)
Regional Trading Blocs and the Globalization of Trade
647(3)
Trade Policies of Developed Countries: The Need for Reform
650(4)
Rich-Nation Tariff and Nontariff Trade Barriers and the 1995 Uruguay Round GATT Agreement
650(4)
Case Study: Industrial and Export Policy: South Korea
654(12)
Balance of Payments, Developing-Country Debt, and the Macroeconomic Stabilization Controversy
666(40)
The Balance of Payments Account
667(3)
General Considerations
667(2)
A Hypothetical Illustration: Deficits and Debts
669(1)
Financing and Reducing Payments Deficits
670(3)
Some Initial Policy Issues
670(2)
Trends in LDC Balance of Payments
672(1)
The Debt Crisis of the 1980s
673(7)
Background and Analysis
673(2)
Origins of the Debt Crisis
675(5)
Attempts at Alleviation: Macroeconomic Instability, IMF Stabilization Policies, and Their Critics
680(5)
The IMF Stabilization Program
680(2)
Tactics for Debt Relief
682(2)
Has the Debt Problem Disappeared? Winners and Losers
684(1)
Conclusions
685(2)
Case Study: Mexico: Crisis, Debt Reduction, and the Struggle for Renewed Growth
687(9)
Appendix 14.1 A Brief History and Analysis of the International Monetary Fund and the World Bank
696(10)
Foreign Finance, Investment, and Aid: Controversies and Opportunities
706(35)
The International Flow of Financial Resources
706(1)
Private Foreign Direct Investment and the Multinational Corporation
707(9)
Multinational Corporations: Size, Patterns, and Trends
708(2)
Private Foreign Investment: Some Pros and Cons for Development
710(6)
Private Portfolio Investment: Boon or Bane for LDCs?
716(2)
Foreign Aid: The Development Assistance Debate
718(13)
Conceptual and Measurement Problems
718(1)
Amounts and Allocations: Public Aid
719(2)
Why Donors Give Aid
721(6)
Why LDC Recipients Accept Aid
727(1)
The Growing Role of Nongovernmental Organizations in International Aid
728(1)
The Effects of Aid
729(2)
Case Study: Botswana: African Success Story at Risk
731(10)
Finance and Fiscal Policy for Development
741(48)
The Role of the Financial System
742(2)
The Painful Road to Macroeconomic Stability
744(10)
Differences between MDC and LDC Financial Systems
744(3)
The Role of Central Banks
747(3)
The Emergence of Development Banking
750(1)
Informal Finance, Group Lending, and Microfinance institutions for Small-Scale Enterprise
751(3)
Reforming Financial Systems
754(5)
Financial Liberalization, Real Interest Rates, Savings, and Investment
754(2)
Financial Policy and the Role of the State
756(2)
Debate on the Role of Stock Markets
758(1)
Fiscal Policy for Development
759(6)
Macrostability and Resource Mobilization
759(1)
Taxation: Direct and Indirect
760(5)
Public Administration: The Scarcest Resource
765(2)
State-Owned Enterprises
767(3)
Improving the Performance of SOEs
768(1)
Privatization: Theory and Experience
769(1)
Military Expenditures and Economic Development
770(5)
Significance and Economic Impact
770(5)
Case Study: Chile and Poland: Privatization: What, When, and to Whom?
775(14)
Some Critical Issues for the Twenty-First Century
789(16)
Global Independence and the Growth of Developing-World Markets
789(1)
The Global Environment and the Developing World
790(6)
Pollutants and Their Consequences for the Global Environment
790(1)
MDC and LDC Contributions to Greenhouse Gases
790(2)
Rain Forest Preservation as a Public Good: Who Should Pay?
792(2)
Searching for Solutions: The 1992, 1997, and 2002 Summits
794(2)
The Crisis in Sub-Saharan Africa
796(2)
Globalization and International Financial Reform
798(2)
Concluding Remarks
800(5)
Glossary805(28)
Name Index833(12)
Subject Index845

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