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Economic Development

ISBN: 9780201441307 | 0201441306
Edition: 7th
Format: Hardcover
Publisher: Addison Wesley
Pub. Date: 1/1/2000

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SummaryTable of Contents
Offers a unique policy-oriented approach that uses models and concepts to illustrate real-world development problems. Includes extensive country- specific examples and provides the necessary technical coverage while maintaining its hallmark accessibility for those with limited economic background. DLC: Economic development.
Case Studiesxxvi
PART ONE PRINCIPLES AND CONCEPTS3(145)
1. Economics, Institutions, and Development: A Global Perspective
3(26)
How ... MORE
3(4)
Economics and Development Studies
7(5)
The Nature of Development Economics
7(2)
Why Study Development Economics? Some Critical Questions
9(2)
The Important Role of Values in Development Economics
11(1)
Economies as Social Systems: The Need to Go Beyond Simple Economics
12(1)
What Do We Mean by Development?
13(5)
Traditional Economic Measures
14(1)
The New Economic View of Development
14(2)
Three Core Values of Development
16(2)
The Three Objectives of Development
18(1)
Summary and Conclusions
18(3)
Case Study: The Economy of Brazil
21(4)
Concepts for Review Questions for Discussion Notes Further Reading
25(4)
2. Diverse Structures and Common Characteristics of Developing Nations
29(48)
Some Classifications of Developing Countries
30(3)
The Structural Diversity of Developing Economies
33(9)
Size and Income Level
36(1)
Historical Background
37(1)
Physical and Human Resources
37(1)
Ethnic and Religious Composition
38(1)
Relative Importance of the Public and Private Sectors
39(1)
Industrial Structure
39(1)
External Dependence: Economic, Political, and Cultural
40(1)
Political Structure, Power, and Interest Groups
40(2)
Common Characteristics of Developing Nations
42(20)
Low Levels of Living
42(11)
Low Levels of Productivity
53(2)
High Rates of Population Growth and Dependency Burdens
55(1)
High and Rising Levels of Unemployment and Underemployment
56(1)
Substantial Dependence on Agricultural Production and Primary-Product Exports
57(3)
Prevalence of Imperfect Markets and Incomplete Information
60(1)
Dominance, Dependence, and Vulnerability in International Relations
61(1)
Conclusion
62(1)
Case Study: The Economy of Nigeria
63(2)
Concepts for Review Questions for Discussion Notes Further Reading
65(4)
Appendix 2.1 Social Indicators as Alternative Measures of Development: The Physical Quality of Life and Human Development Indexes
69(8)
3. Theories of Development: A Comparative Analysis
77(37)
Leading Theories of Economic Development: Five Approaches
78(1)
The Linear-Stages Theory
79(5)
Rostow's Stages of Growth
79(1)
The Harrod-Domar Growth Model
80(2)
Obstacles and Constraints
82(1)
Necessary versus Sufficient Conditions: Some Criticisms of the Stages Model
83(1)
Structural-Change Models
84(7)
The Lewis Theory of Development
84(5)
Structural Change and Patterns of Development
89(1)
Conclusions and Implications
90(1)
The International-Dependence Revolution
91(4)
The Neocolonial Dependence Model
91(1)
The False-Paradigm Model
92(1)
The Dualistic-Development Thesis
93(1)
Conclusions and Implications
94(1)
The Neoclassical Counterrevolution
95(4)
Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches
95(2)
Traditional ("Old") Neoclassical Growth Theory
97(1)
Conclusions and Implications
98(1)
The New Growth Theory
99(3)
Motivation for the New Growth Theory
99(1)
Endogenous Growth
100(2)
Criticisms of the New Growth Theory
102(1)
Theories of Development: Reconciling the Differences
102(3)
Case Study: The Economy of Cuba
105(3)
Concepts for Review Questions for Discussion Notes Further Reading
108(6)
4. Historic Growth and Contemporary Development: Lessons and Controversies
114(34)
The Growth Game
114(1)
The Economics of Growth: Capital, Labor, and Technology
115(5)
Capital Accumulation
115(1)
Population and Labor Force Growth
116(2)
Technological Progress
118(2)
Conclusion
120(1)
The Historical Record: Kuznets's Six Characteristics of Modern Economic Growth
120(5)
High Rates of Per Capita Output and Population Growth
121(1)
High Rates of Total Factor Productivity Increase
122(1)
High Rates of Economic Structural Transformation
122(1)
High Rates of Social, Political, and Ideological Transformation
123(1)
International Economic Outreach
123(1)
Limited International Spread of Economic Growth
124(1)
Conclusions: The Interdependence of Growth Characteristics
124(1)
The Limited Value of the Historical Growth Experience: Differing Initial Conditions
125(10)
Physical and Human Resource Endowments
126(1)
Relative Levels of Per Capita Income and GNP
127(1)
Climatic Differences
127(1)
Population Size, Distribution, and Growth
127(1)
The Historical Role of International Migration
128(3)
The Growth Stimulus of International Trade
131(1)
Basic Scientific and Technological Research and Development Capabilities
132(1)
Stability and Flexibility of Political and Social Institutions
132(1)
Conclusions
133(1)
Case Study: The Economy of Malaysia
135(2)
Concepts for Review Questions for Discussion Notes Further Reading
137(5)
Comparative Case Study: South Korea and Argentina Contributions of Alternative Approaches to Development
142(6)
PART TWO PROBLEMS AND POLICIES: DOMESTIC148(309)
A Note to the Student148(3)
5. Growth, Poverty, and Income Distribution
151(58)
The Growth Controversy
151(2)
Some Basic Concepts: Size and Functional Distributions of Income
153(10)
Size Distributions
153(2)
Lorenz Curves
155(2)
Dualistic Development and Shifting Lorenz Curves: Some Stylized Typologies
157(2)
Gini Coefficients and Aggregate Measures of Inequality
159(1)
Functional Distributions
160(1)
A Review of Evidence: Inequality and Absolute Poverty in Third World Countries
163(7)
Inequality: Variations among Countries
163(2)
Absolute Poverty: Extent and Magnitude
165(4)
The Human Poverty Index
169(1)
Economic Characteristics of Poverty Groups
170(6)
Rural Poverty
170(2)
Women and Poverty
172(3)
Ethnic Minorities, Indigenous Populations, and Poverty
175(1)
Income Levels, Growth, and the Extent of Poverty: The Kuznets Hypothesis and Other Tests
176(3)
Redefining Development Goals: Growth with Improved Income Distribution
179(2)
The Role of Economic Analysis: Redistribution from Growth
181(8)
Growth versus Income Distribution
181(2)
GNP Growth as a Biased Index of National Development and Well-Being
183(2)
Constructing a Poverty-Weighted Index of Social Welfare
185(1)
Combining the Economics of Growth and Distribution
188(1)
The Range of Policy Options: Some Basic Considerations
189(4)
Areas of Intervention
189(1)
Policy Options
190(3)
Summary and Conclusions: The Need for a Package of Policies
193(2)
Case Study: The Economy of India
195(3)
Case Study: The Economy of South Africa
198(4)
Concepts for Review Questions for Discussion Notes Further Reading
202(7)
6. Population Growth and Economic Development: Causes, Consequences, and Controversies
209(50)
The Basic Issue: Population Growth and the Quality of Life
210(1)
A Review of Numbers: Population Growth--Past, Present, and Future
211(11)
World Population Growth through History
211(3)
Structure of the World's Population
214(5)
The Hidden Momentum of Population Growth
219(3)
The Demographic Transition
222(2)
The Causes of High Fertility in Developing Countries: The Malthusian and Household Models
224(10)
The Malthusian Population Trap
224(3)
Criticisms of the Malthusian Model
227(3)
The Microeconomic Household Theory of Fertility
230(2)
The Demand for Children in Developing Countries
232(1)
Some Empirical Evidence
233(1)
Implications for Development and Fertility
234(1)
The Consequences of High Fertility: Some Conflicting Opinions
234(7)
Population Growth Is Not a Real Problem
235(2)
A Deliberately Contrived False Issue
237(1)
A Desirable Phenomenon
237(1)
Population Growth Is a Real Problem
238(2)
The Empirical Argument: Seven Negative Consequences of Population Growth
240(1)
Goals and Objectives: Toward a Consensus
241(2)
Some Policy Approaches
243(8)
What Developing Countries Can Do
243(5)
What the Developed Countries Can Do: Resources, Population, and the Global Environment
248(1)
How Developed Countries Can Assist Developing Countries with Their Population Programs
249(2)
Case Study: The Economy of China
251(3)
Concepts for Review Questions for Discussion Notes Further Reading
254(5)
7. Unemployment: Issues, Dimensions, and Analyses
259(32)
The Employment Problem: Some Basic Issues
259(2)
Dimensions of LDC Unemployment: Evidence and Concepts
261(13)
Employment and Unemployment: Trends and Projections
261(3)
Four Dimensions of the Employment Problem
264(4)
Labor Force: Present and Projected
268(1)
Labor Underutilization: Some Definitional Distinctions
269(1)
Linkages among Unemployment, Poverty, and Income Distribution
270(1)
The Phenomenon of Jobless Growth and the Output-Employment Lag
271(3)
Economic Models of Employment Determination
274(8)
The Traditional Competitive Free-Market Model
274(2)
Output and Employment Growth: Conflict or Congruence?
276(3)
Appropriate Technology and Employment Generation: The Price-Incentive Model
279(3)
Conclusion
282(1)
Case Study: The Economy of Kenya
283(3)
Concepts for Review Questions for Discussion Notes Further Reading
286(5)
8. Urbanization and Rural-Urban Migration: Theory and Policy
291(35)
The Migration and Urbanization Dilemma
291(10)
Urbanization: Trends and Projections
291(5)
The Urban Informal Sector
296(4)
Women in the Informal Sector
300(1)
Urban Unemployment
301(2)
Migration and Development
303(2)
Toward an Economic Theory of Rural-Urban Migration
305(7)
A Verbal Description of the Todaro Model
305(3)
A Diagrammatic Presentation
308(2)
Five Policy Implications
310(2)
Summary and Conclusions: The Shape of a Comprehensive Migration and Employment Strategy
312(3)
Case Study: The Economy of Mexico
315(3)
Concepts for Review Questions for Discussion Notes Further Reading
318(4)
Appendix 8.1 A Mathematical Formulation of the Todaro Migration Model
322(4)
9. Education and Development
326(37)
Education and Human Resources
326(2)
Education in Developing Regions
328(5)
Public Educational Expenditure
328(1)
Enrollments
329(2)
Literacy
331(1)
Costs and Earnings
331(2)
The Gender Gap: Women and Education
333(2)
The Economics of Education and Employment
335(7)
Educational Supply and Demand: The Relationship between Employment Opportunities and Educational Demands
335(4)
Social versus Private Benefits and Costs
339(3)
Education, Society, and Development: Some Issues
342(8)
Education and Economic Growth
342(1)
Education, Inequality, and Poverty
343(2)
Education, Internal Migration, and the Brain Drain
345(3)
Education of Women, Fertility, and Child Health
348(1)
Education and Rural Development
349(1)
Summary and Conclusions: Major Educational Policy Options
350(4)
Policies Largely External to Educational Systems
352(1)
Policies Internal to Educational Systems
352(2)
Case Study: The Economy of Egypt
354(3)
Concepts for Review Questions for Discussion Notes Further Reading
357(6)
10. Agricultural Transformation and Rural Development
363(46)
The Imperative of Agricultural Progress and Rural Development
363(2)
Agricultural Stagnation and Growth Since 1950
365(5)
The Structure of Third World Agrarian Systems
370(10)
Two Kinds of World Agriculture
370(1)
Peasant Agriculture in Latin America, Asia, and Africa
371(9)
The Important Role of Women
380(3)
The Economics of Agricultural Development: Transition from Peasant Subsistence to Specialized Commercial Farming
383(8)
Subsistence Farming: Risk Aversion, Uncertainty, and Survival
384(5)
The Transition to Mixed and Diversified Farming
389(1)
From Divergence to Specialization: Modern Commercial Farming
390(1)
Conclusions
391(1)
Toward a Strategy of Agricultural and Rural Development: Some Main Requirements
391(6)
Improving Small-Scale Agriculture
392(2)
Conditions for Rural Development
394(3)
Case Study: The Economy of Bangladesh
397(3)
Case Study: The Economy of Ghana
400(3)
Concepts for Review Questions for Discussion Notes Further Reading
403(6)
11. The Environment and Development
409(48)
Economics and the Environment
409(1)
Environment and Development: The Basic Issues
410(4)
Sustainable Development and Environmental Accounting
410(2)
Population, Resources, and the Environment
412(1)
Poverty and the Environment
412(1)
Growth versus the Environment
412(1)
Rural Development and the Environment
413(1)
Urban Development and the Environment
413(1)
The Global Environment
414(1)
The Scope of Environmental Degradation: A Brief Statistical Review
414(3)
Rural Development and the Environment: A Tale of Two Villages
417(3)
Traditional Economic Models of the Environment
420(7)
Privately Owned Resources
420(2)
Common Property Resources
422(2)
Limitations of the Neoclassical Common Property Framework
424(1)
Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem
425(2)
Limitations of the Public-Good Framework
427(1)
Urban Development and the Environment
427(7)
The Ecology of Urban Slums
427(2)
Industrialization and Urban Air Pollution
429(3)
Problems of Congestion and the Availability of Clean Water and Sanitation
432(2)
The Need for Policy Reform
434(1)
The Global Environment: Rain Forest Destruction and Greenhouse Gases
435(2)
Policy Options in Developing and Developed Countries
437(6)
What Less Developed Countries Can Do
437(2)
How Developed Countries Can Help LDCs
439(2)
What Developed Countries Can Do for the Global Environment
441(2)
Case Study: The Economy of Pakistan
443(2)
Concepts for Review Questions for Discussion Notes Further Reading
445(5)
Comparative Case Study: Bangladesh and Nigeria Poverty Policy
450(7)
PART THREE PROBLEMS AND POLICIES: INTERNATIONAL457(164)
12. Trade Theory and Development Experience
457(40)
The Importance of International Trade and Finance
457(2)
Five Basic Questions about Trade and Development
459(2)
The Importance of Trade for Development: A Statistical Review
461(5)
LDC Exports: Trends and Patterns
461(2)
Importance of Exports to Different Developing Nations
463(1)
Demand Elasticities and Export Earnings Instability
463(3)
The Terms of Trade and the Prebisch-Singer Thesis
466(2)
The Traditional Theory of International Trade
468(6)
Relative Factor Endowments and International Specialization: The Neoclassical Model
469(5)
Trade Theory and Development: The Traditional Arguments
474(1)
Some Criticisms of Traditional Free-Trade Theory in the Context of Third World Experience
474(12)
Fixed Resources, Full Employment, and the International Immobility of Capital and Skilled Labor
475(5)
Fixed, Freely Available Technology and Consumer Sovereignty
480(1)
Internal Factor Mobility and Perfect Competition: The Structuralist Critique and the Phenomenon of Increasing Returns, Imperfect Competition, and Controlled Markets
481(2)
The Absence of National Governments in Trading Relations
483(1)
Balanced Trade and International Price Adjustments
484(1)
Trade Gains Accruing to Nationals
485(1)
Some Conclusions on Trade and Economic Development: The Limits of Theory
486(4)
Case Study: The Economy of Taiwan
490(2)
Concepts for Review Questions for Discussion Notes Further Reading
492(5)
13. The Trade Policy Debate: Export Promotion, Import Substitution, and Economic Integration
497(44)
Trade Strategies for Development: Export Promotion versus Import Substitution
498(20)
Export Promotion: Looking Outward and Seeing Trade Barriers
499(5)
Import Substitution: Looking Inward but Still Paying Outward
504(3)
The IS Industrialization Strategy and Results
507(6)
Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision
513(5)
Summary and Conclusions: Trade Optimists and Trade Pessimists
518(1)
Trade Pessimist Arguments
518(1)
Trade Optimist Arguments
519(1)
Reconciling the Arguments: The Data and the Consensus
519(2)
South-South Trade and Economic Integration: Looking Outward and Inward
521(6)
The Growth of Trade among Developing Countries
521(2)
Economic Integration: Theory and Practice
523(2)
Regional Trading Blocs and the Globalization of Trade
525(2)
Trade Policies of Developed Countries: The Need for Reform
527(5)
Rich-Nation Tariff and Nontariff Trade Barriers and the 1995 Uruguay Round GATT Agreement
527(2)
The Problem of Adjustment Assistance
529(1)
Domestic Economic Policies
530(2)
Case Study: The Economy of South Korea
532(3)
Concepts for Review Questions for Discussion Notes Further Reading
535(6)
14. Balance of Payments, Third World Debt, and the Macroeconomic Stabilization Controversy
541(36)
The Balance of Payments Account
542(4)
General Considerations
542(1)
A Hypothetical Illustration: Deficits and Debts
543(3)
Financing and Reducing Payments Deficits
546(3)
Some Initial Policy Issues
546(2)
Recent Trends in LDC Balance of Payments
548(1)
The Third World Debt Crisis
549(8)
Background and Analysis
549(2)
Dimensions of the Crisis
551(6)
Attempts at Alleviation: Macroeconomic Instability, IMF Stabilization Policies, and Their Critics
557(5)
The IMF Stabilization Program
557(2)
Global Dimensions of the LDC Debt Problem
559(2)
Has the Debt Problem Disappeared? Winners and Losers
561(1)
Conclusions
562(2)
Case Study: The Economy of Venezuela
564(2)
Concepts for Review Questions for Discussion Notes Further Reading
566(4)
Appendix 14.1 A Brief History and Analysis of the International Monetary Fund and the World Bank
570(7)
15. Foreign Finance, Investment, and Aid: Controversies and Opportunities
577(44)
The International Flow of Financial Resources
577(1)
Private Foreign Direct Investment and the Multinational Corporation
578(1)
Multinational Corporations: Size, Patterns, and Trends
579(1)
Private Foreign Investment: Some Pros and Cons for Development
582(6)
Private Portfolio Investment: Boon or Bane for LDCs?
588(2)
Foreign Aid: The Development Assistance Debate
590(13)
Conceptual and Measurement Problems
590(2)
Amounts and Allocations: Public Aid
592(3)
Why Donors Give Aid
595(5)
Why LDC Recipients Accept Aid
600(1)
The Growing Role of Nongovernmental Organizations (NGOs)
601(1)
The Effects of Aid
602(1)
Conclusions: Toward a New View of Foreign Aid
603(2)
Case Study: The Economy of Indonesia
605(3)
Concepts for Review Questions for Discussion Notes Further Reading
608(5)
Comparative Case Study: Thailand and the Philippines Trade Strategy
613(8)
PART FOUR POSSIBILITIES AND PROSPECTS621(111)
16. Planning, Markets, and the Role of the State
621(35)
The Planning Mystique
621(1)
The Nature of Development Planning
622(2)
Basic Concepts
622(1)
Planning in Mixed Developing Economies
623(1)
The Rationale for Planning in Developing Economies
624(2)
Market Failure
624(1)
Resource Mobilization and Allocation
625(1)
Attitudinal or Psychological Impact
625(1)
Foreign Aid
626(1)
The Planning Process: Some Basic Models
626(8)
Characteristics of the Planning Process
626(1)
Planning in Stages: Three Basic Models
627(7)
The Crisis in Planning: Problems of Implementation and Plan Failures
634(5)
Theory versus Practice
635(2)
Reasons for Plan Failures
637(2)
Government Failure and the Resurgent Preference for Markets over Planning
639(3)
The Market Economy
642(4)
Sociocultural Preconditions and Economic Requirements
642(1)
Role and Limitations of the Market in LDCs
643(3)
Development Planning and the State: Concluding Observations
646(3)
Case Study: The Economy of the Philippines
649(2)
Concepts for Review Questions for Discussion Notes Further Reading
651(5)
17. Financial Reform and Fiscal Policy
656(42)
The Painful Road to Macroeconomic Stability
656(1)
Financial Systems and Monetary Policy
657(9)
Differences between MDC and LDC Financial Systems
657(3)
The Role of Central Banks
660(2)
The Emergence of Development Banking
662(2)
The Role of Informal Finance for Small-Scale Enterprise
664(2)
Reforming Third World Financial Systems
666(3)
Financial Liberalization, Real Interest Rates, Savings, and Investment
666(2)
Financial Policy and the Role of the State
668(1)
Fiscal Policy for Development
669(7)
Macro Stability and Resource Mobilization
669(1)
Taxation: Direct and Indirect
670(6)
Public Administration: The Scarcest Resource
676(2)
State-Owned Enterprises
678(4)
Improving the Performance of SOEs
680(1)
Privatization: Theory and Experience
681(1)
Military Expenditures and Economic Development
682(7)
Significance and Economic Impact
682(6)
The End of the Cold War: Disarmament, Conflict Resolution, and Human Development
688(1)
Case Study: The Economy of Jamaica
689(2)
Concepts for Review Questions for Discussion Notes Further Reading
691(7)
18. Critical Issues for the Twenty-First Century: Globalization, the Environment, Economic Transition, Africa, and International Economic Reform
698(34)
Global Interdependence and the Growth of Third World Markets
698(2)
The Global Environmental Threat: Greenhouse Gases and Ozone Depletion
700(8)
Pollutants and Their Consequences for the Global Environment
700(1)
MDC and LDC Contributions to Greenhouse Gases
701(3)
Rain Forest Preservation as a Public Good: Who Should Pay?
704(2)
Searching for Solutions: The 1992 and 1997 Summits
706(2)
The Economic Crisis in Sub-Saharan Africa
708(3)
Economic Transition in Eastern Europe and the Former Soviet Republics: Implications for Third World Development Assistance
711(2)
Globalization and International Financial Reform
713(3)
Summary and Concluding Remarks
716(2)
Case Study: The Economy of Uganda
718(2)
Concepts for Review Questions for Discussion Notes Further Reading
720(4)
Comparative Case Study: Chile and Poland Privatization: What, When, and to Whom?
724(8)
Glossary732(39)
Name Index771(5)
Subject Index776

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