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Economic Development

ISBN: 9780201770513 | 0201770512
Edition: 8th
Format: Hardcover
Publisher: Addison Wesley
Pub. Date: 1/1/2003

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SummaryTable of Contents
This best-selling text offers a unique policy-oriented approach that uses models and concepts to illustrate real-world development problems. Retaining its hallmark accessibility throughout, the Eighth Edition uses the most current data, offering full coverage of recent advances in the field, and featuring a balanced presentation of opposing viewpoints on today's major policy debates. The authors have streamlined this edition and have included coverage of new and critical topics. The text includes extensive country-specific examples, updated Country Case Studies, and Comparative Case Studies that allow students to apply concepts to specific developing nations.
List of Case Studies
vii
PART ONE PRINCIPLES AND CONCEPTS
Economics, Institutions, and Development: A Global Perspective
3(30)
... MORE
How the Other Three-Quarters Live
3(5)
Economics and Development Studies
8(6)
The Nature of Development Economics
8(2)
Why Study Development Economics? Some Critical Questions
10(2)
The Important Role of Values in Development Economics
12(2)
Economies as Social Systems: The Need to Go Beyond Simple Economics
14(1)
What Do We Mean by Development?
15(8)
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)
Conclusions
23(2)
Case Study: The Economy of Brazil
25(8)
Concepts for Review
29(4)
Questions for Discussion
Notes
Further Reading
Diverse Structures and Common Characteristics of Developing Nations
33(45)
Defining the Developing World
34(3)
The Structural Diversity of Developing Economies
37(9)
Size and Income Level
40(1)
Historical Background
40(1)
Physical and Human Resources
41(1)
Ethnic and Religious Composition
42(1)
Relative Importance of the Public and Private Sectors
43(1)
Industrial Structure
43(1)
External Dependence: Economic, Political, and Cultural
44(1)
Political Structure, Power, and interest Groups
45(1)
Common Characteristics of Developing Nations
46(25)
Low Levels of Living
46(11)
A Holistic Measure of Living Levels: The Human Development Index
57(6)
Low Levels of Productivity
63(2)
High Rates of Population Growth and Dependency Burdens
65(1)
Substantial Dependence on Agricultural Production and Primary-Product Exports
66(3)
Prevalence of Imperfect Markets and incomplete Information
69(1)
Dominance, Dependence, and Vulnerability in International Relations
70(1)
Conclusion
71(1)
Case Study: The Economy of Nigeria
72(6)
Concepts for Review
74(4)
Questions for Discussion
Notes
Further Reading
Historic Growth and Contemporary Development: Lessons and Controversies
78(32)
The Growth Game
78(1)
The Economics of Growth: Capital, Labor, and Technology
79(6)
Capital Accumulation
79(1)
Population and Labor Force Growth
80(2)
Technological Progress
82(2)
Conclusion
84(1)
The Historical Record: Kuznets's Six Characteristics of Modern Economic Growth
85(6)
High Rates of Per Capita Output and Population Growth
86(1)
High Rates of Total Factor Productivity Increase
86(2)
High Rates of Economic Structural Transformation
88(1)
High Rates of Social and Ideological Transformation
88(1)
International Economic Outreach
89(1)
Limited international Spread of Economic Growth
89(1)
Conclusions: The Interdependence of Growth Characteristics
90(1)
The Limited Value of the Historical Growth Experience: Differing Initial Conditions
91(12)
Physical and Human Resource Endowments
91(1)
Relative Levels of Per Capita Income and GNP
92(1)
Climatic Differences
92(1)
Population Size, Distribution, and Growth
93(1)
The Historical Role of International Migration
93(3)
The Growth Stimulus of International Trade
96(1)
Basic Scientific and Technological Research and Development Capabilities
97(1)
Stability and Flexibility of Political and Social Institutions
97(2)
Are Living Standards of Developing and Developed Countries Converging?
99(2)
Conclusions
101(2)
Case Study: The Economy of Malaysia
103(7)
Concepts for Review
105(5)
Questions for Discussion
Notes
Further Reading
Classic Theories of Development: A Comparative Analysis
110(35)
Classic Theories of Economic Development: Four Approaches
111(1)
Development as Growth, and the Linear-Stages Theories
112(4)
Rostow's Stages of Growth
112(1)
The Harrod-Domar Growth Model
113(2)
Obstacles and Constraints
115(1)
Necessary versus Sufficient Conditions: Some Criticisms of the Stages Model
116(1)
Structural-Change Models
116(7)
The Lewis Theory of Development
116(5)
Structural Change and Patterns of Development
121(1)
Conclusions and Implications
122(1)
The International-Dependence Revolution
123(5)
The Neocolonial Dependence Model
124(1)
The False-Paradigm Model
125(1)
The Dualistic-Development Thesis
126(1)
Conclusions and Implications
126(2)
The Neoclassical Counterrevolution: Market Fundamentalism
128(4)
Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches
128(2)
Traditional Neoclassical Growth Theory
130(1)
Conclusions and Implications
131(1)
Classic Theories of Development: Reconciling the Differences
132(2)
Case Study: The Economy of Kenya
134(7)
Concepts for Review
137(4)
Questions for Discussion
Notes
Further Reading
Appendix 4.1 The Solow Neoclassical Growth Model
141(4)
Contemporary Models of Development and Underdevelopment
145(50)
The New Growth Theory: Endogenous Growth
146(4)
Motivation for the New Growth Theory
146(2)
The Romer Model
148(2)
Criticisms of the New Growth Theory
150(1)
Underdevelopment as a Coordination Failure
150(3)
Multiple Equilibria: A Diagrammatic Approach
153(4)
Starting Economic Development: The Big Push
157(9)
The Big Push: A Graphical Model
159(6)
Why the Problem Cannot Be Solved by a Super-entrepreneur
165(1)
Further Problems of Multiple Equilibria
166(4)
Kremer's O-Ring Theory of Economic Development
170(5)
The O-Ring Model
170(4)
Implications of the O-Ring Theory
174(1)
Summary and Conclusions: Multiple Equilibria and Coordination Failures
175(12)
Concepts for Review
178(9)
Questions for Discussion
Notes
Further Reading
Comparative Case Study: South Korea and Argentina
Contributions of Alternative Approaches to Development
187(5)
PART TWO PROBLEMS AND POLICIES: DOMESTIC
A Note to the Student
192(3)
Poverty, Inequality, and Development
195(64)
Measuring Inequality and Poverty
197(12)
Measuring Inequality
197(8)
Measuring Absolute Poverty
205(4)
Poverty, Inequality, and Social Welfare
209(12)
What's So Bad about Inequality?
209(2)
Dualistic Development and Shifting Lorenz Curves: Some Stylized Typologies
211(3)
Kuznets' Inverted-U Hypothesis
214(5)
Growth and Inequality
219(2)
Absolute Poverty: Extent and Magnitude
221(8)
Growth and Poverty
224(5)
Economic Characteristics of Poverty Groups
229(6)
Rural Poverty
229(1)
Women and Poverty
230(4)
Ethnic Minorities, Indigenous Populations, and Poverty
234(1)
The Range of Policy Options: Some Basic Considerations
235(8)
Areas of Intervention
236(1)
Policy Options
237(5)
Summary and Conclusions: The Need for a Package of Policies
242(1)
Case Study: The Economy of India
243(9)
Concepts for Review
245(7)
Questions for Discussion
Notes
Further Reading
Appendix 6.1 Appropriate Technology and Employment Generation: The Price-Incentive Model
252(3)
Appendix 6.2 The Ahluwalia-Chenery Welfare Index
255(4)
Population Growth and Economic Development: Causes, Consequences, and Controversies
259(49)
The Basic Issue: Population Growth and the Quality of Life
260(1)
A Review of Numbers: Population Growth-Past, Present, and Future
261(11)
World Population Growth through History
261(3)
Structure of the World's Population
264(5)
The Hidden Momentum of Population Growth
269(3)
The Demographic Transition
272(3)
The Causes of High Fertility in Developing Countries: The Malthusian and Household Models
275(10)
The Malthusian Population Trap
275(2)
Criticisms of the Malthusian Model
277(3)
The Microeconomic Household Theory of Fertility
280(3)
The Demand for Children in Developing Countries
283(1)
Some Empirical Evidence
284(1)
Implications for Development and Fertility
284(1)
The Consequences of High Fertility: Some Conflicting Opinions
285(6)
Population Growth Is Not a Real Problem
285(2)
A Deliberately Contrived False Issue
287(1)
A Desirable Phenomenon
287(1)
Population Growth Is a Real Problem
288(2)
The Empirical Argument: Seven Negative Consequences of Population Growth
290(1)
Goals and Objectives: Toward a Consensus
291(2)
Some Policy Approaches
293(7)
What Developing Countries Can Do
293(4)
What the Developed Countries Can Do: Resources, Population, and the Global Environment
297(1)
How Developed Countries Can Assist Developing Countries with Their Population Programs
298(2)
Conclusion
300(1)
Case Study: The Economy of China
300(8)
Concepts for Review
303(5)
Questions for Discussion
Notes
Further Reading
Urbanization and Rural-Urban Migration: Theory and Policy
308(52)
The Migration and Urbanization Dilemma
308(8)
Urbanization: Trends and Projections
309(7)
The Role of Cities
316(4)
Industrial Districts
317(2)
Efficient Urban Scale
319(1)
The Urban Giantism Problem
320(4)
First City Bias
322(1)
Causes of Urban Giantism
322(2)
The Urban Informal Sector
324(8)
Policies for the Urban Informal Sector
327(4)
Women in the Informal Sector
331(1)
Urban Unemployment
332(2)
Migration and Development
334(2)
Toward an Economic Theory of Rural-Urban Migration
336(9)
A Verbal Description of the Todaro Model
337(3)
A Diagrammatic Presentation
340(2)
Five Policy Implications
342(3)
Summary and Conclusions: The Shape of a Comprehensive Migration and Employment Strategy
345(3)
Case Study: The Economy of Mexico
348(9)
Concepts for Review
351(6)
Questions for Discussion
Notes
Further Reading
Appendix 8.1 A Mathematical Formulation of the Todaro Migration Model
357(3)
Human Capital: Education and Health in Economic Development
360(58)
The Central Roles of Education and Health
360(2)
Education and Health as Joint Investments for Development
362(1)
International Trends and Convergence in Health and Education
363(3)
Improving Health and Education: Why Increasing Income Is Not Sufficient
366(3)
Investing in Education and Health: The Human Capital Approach
369(3)
Child Labor
372(4)
The Gender Gap: Women and Education
376(3)
Consequences of Gender Bias in Health and Education
377(2)
Educational Systems and Development
379(13)
Educational Supply and Demand: The Relationship Between Employment Opportunities and Educational Demands
380(2)
Social versus Private Benefits and Costs
382(4)
Distribution of Education
386(2)
Education, Inequality, and Poverty
388(3)
Education, Internal Migration, and the Brain Drain
391(1)
Health Systems and Development
392(13)
Measurement and Distribution
392(1)
Disease Burden
393(3)
Malaria and Parasitic Worms
396(1)
HIV and AIDS
397(3)
Health and Productivity
400(3)
Health Systems Policy
403(2)
Policies for Health, Education, and Income Generation
405(2)
Case Study: The Economy of Egypt
407(11)
Concepts for Review
410(8)
Questions for Discussion
Notes
Further Reading
Agricultural Transformation and Rural Development
418(45)
The Imperative of Agricultural Progress and Rural Development
418(2)
Agricultural Stagnation and Growth Since 1950
420(4)
The Structure of Agrarian Systems in the Developing World
424(13)
Two Kinds of World Agriculture
424(2)
Peasant Agriculture in Latin America, Asia, and Africa
426(11)
Conclusions
437(1)
The Important Role of Women
437(3)
The Economics of Agricultural Development: Transition from Peasant Subsistence to Specialized Commercial Farming
440(9)
Subsistence Farming: Risk Aversion, Uncertainty, and Survival
441(6)
The Transition to Mixed and Diversified Farming
447(1)
From Divergence to Specialization: Modern Commercial Farming
448(1)
Conclusions
449(1)
Toward a Strategy of Agricultural and Rural Development: Some Main Requirements
449(6)
Improving Small-Scale Agriculture
450(2)
Conditions for Rural Development
452(3)
Case Study: The Economy of Bangladesh
455(8)
Concepts for Review
457(6)
Questions for Discussion
Notes
Further Reading
The Environment and Development
463(52)
Economics and the Environment
463(1)
Environment and Development: The Basic Issues
464(4)
Sustainable Development and Environmental Accounting
464(2)
Population, Resources, and the Environment
466(1)
Poverty and the Environment
466(1)
Growth versus the Environment
466(1)
Rural Development and the Environment
467(1)
Urban Development and the Environment
467(1)
The Global Environment
468(1)
The Scope of Environmental Degradation: An Overview
468(3)
Rural Development and the Environment: A Tale of Two Villages
471(3)
Traditional Economic Models of the Environment
474(6)
Privately Owned Resources
474(2)
Common Property Resources
476(2)
Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem
478(2)
Limitations of the Public-Good Framework
480(1)
Urban Development and the Environment
480(7)
The Ecology of Urban Slums
480(2)
Industrialization and Urban Air Pollution
482(3)
Problems of Congestion and the Availability of Clean Water and Sanitation
485(2)
The Need for Policy Reform
487(1)
The Global Environment: Rain Forest Destruction and Greenhouse Gases
488(2)
Policy Options in Developing and Developed Countries
490(7)
What Less Developed Countries Can Do
490(2)
How Developed Countries Can Help LDCs
492(2)
What Developed Countries Can Do for the Global Environment
494(3)
Case Study: The Economy of Pakistan
497(6)
Concepts for Review
499(4)
Questions for Discussion
Notes
Further Reading
Comparative Case Study: Bangladesh and Nigeria
Poverty Policy
503(7)
PART THREE PROBLEMS AND POLICIES: INTERNATIONAL
Globalization: An Introduction to Part Three
510(5)
Trade Theory and Development Experience
515(40)
International Trade and Finance: Some Key Issues
515(3)
Five Basic Questions about Trade and Development
518(4)
Importance of Exports to Different Developing Nations
520(1)
Demand Elasticities and Export Earnings Instability
520(2)
The Terms of Trade and the Prebisch-Singer Thesis
522(3)
The Traditional Theory of International Trade
525(7)
Comparative Advantage
526(1)
Relative Factor Endowments and International Specialization: The Neoclassical Model
527(4)
Trade Theory and Development: The Traditional Arguments
531(1)
Some Criticisms of Traditional Free-Trade Theory in the Context of Developing-Country Experience
532(11)
Fixed Resources, Full Employment, and the International Immobility of Capital and Skilled Labor
533(4)
Fixed, Freely Available Technology and Consumer Sovereignty
537(1)
Internal Factor Mobility and Perfect Competition: Increasing Returns, Imperfect Competition, and Controlled Markets
538(2)
The Absence of National Governments in Trading Relations
540(2)
Balanced Trade and International Price Adjustments
542(1)
Trade Gains Accruing to Nationals
542(1)
Some Conclusions on Trade and Economic Development: The Limits of Theory
543(5)
Case Study: The Economy of Taiwan
548(7)
Concepts for Review
550(5)
Questions for Discussion
Notes
Further Reading
The Trade Policy Debate: Export Promotion, Import Substitution, and Economic Integration
555(42)
Trade Strategies for Development: Export Promotion versus Import Substitution
556(19)
Export Promotion: Looking Outward and Seeing Trade Barriers
557(5)
Import Substitution: Looking Inward but Still Paying Outward
562(2)
The IS Industrialization Strategy and Results
564(7)
Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision
571(4)
Summary and Conclusions: Trade Optimists and Trade Pessimists
575(2)
Trade Pessimist Arguments
575(1)
Trade Optimist Arguments
576(1)
Reconciling the Arguments: The Data and the Consensus
577(1)
South-South Trade and Economic Integration: Looking Outward and Inward
578(5)
The Growth of Trade among Developing Countries
578(1)
Economic Integration: Theory and Practice
579(2)
Regional Trading Blocs and the Globalization of Trade
581(2)
Trade Policies of Developed Countries: The Need for Reform
583(6)
Rich-Nation Tariff and Nontariff Trade Barriers and the 1995 Uruguay Round GATT Agreement
584(3)
The Problem of Adjustment Assistance
587(1)
Domestic Economic Policies
588(1)
Case Study: The Economy of South Korea
589(8)
Concepts for Review
592(5)
Questions for Discussion
Notes
Further Reading
Balance of Payments, Developing-Country Debt, and the Macroeconomic Stabilization Controversy
597(37)
The Balance of Payments Account
598(4)
General Considerations
598(2)
A Hypothetical Illustration: Deficits and Debts
600(2)
Financing and Reducing Payments Deficits
602(3)
Some Initial Policy Issues
602(2)
Recent Trends in LDC Balance of Payments
604(1)
The 1980s' Debt Crisis
605(8)
Background and Analysis
604(4)
Origins of the Debt Crisis
608(5)
Attempts at Alleviation: Macroeconomic Instability, IMF Stabilization Policies, and Their Critics
613(5)
The IMF Stabilization Program
613(2)
Tactics for Debt Relief
615(2)
Has the Debt Problem Disappeared? Winners and Losers
617(1)
Conclusions
618(2)
Case Study: The Economy of Venezuela
620(6)
Concepts for Review
622(4)
Questions for Discussion
Notes
Further Reading
Appendix 14.1 A Brief History and Analysis of the International Monetary Fund and the World Bank
626(8)
Foreign Finance, Investment, and Aid: Controversies and Opportunities
634(45)
The International Flow of Financial Resources
634(1)
Private Foreign Direct Investment and the Multinational Corporation
635(9)
Multinational Corporations: Size, Patterns, and Trends
636(2)
Private Foreign Investment: Some Pros and Cons for Development
638(6)
Private Portfolio Investment: Boon or Bane for LDCs?
644(3)
Foreign Aid: The Development Assistance Debate
647(13)
Conceptual and Measurement Problems
647(1)
Amounts and Allocations: Public Aid
648(5)
Why Donors Give Aid
653(4)
Why LDC Recipients Accept Aid
657(1)
The Growing Role of Nongovernmental Organizations (NGOs)
658(1)
The Effects of Aid
659(1)
Conclusions: Toward a New View of Foreign Aid
660(2)
Case Study: The Economy of Indonesia
662(8)
Concepts for Review
665(5)
Questions for Discussion
Notes
Further Reading
Comparative Case Study: Thailand and the Philippines
Trade Strategy
670(9)
PART FOUR POSSIBILITIES AND PROSPECTS
Development Policymaking and the Role of the State
679(53)
The Planning Mystique
680(1)
The Nature of Development Planning
681(1)
Basic Concepts
681(1)
Planning in Mixed Developing Economies
681(1)
The Rationale for Development Planning
682(2)
The Planning Process: Some Basic Models
684(8)
Aggregate Growth Models: Projecting Macro Variables
685(2)
Multi-Sector Models and Sectoral Projections
687(1)
Project Appraisal and Social Cost-Benefit Analysis
688(4)
Conclusions: Planning Models and Plan Consistency
692(1)
The Crisis in Planning: Problems of Implementation and Plan Failures
692(4)
Theory versus Practice
693(1)
Reasons for Plan Failures
694(2)
Government Failure and the Resurgent Preference for Markets over Planning
696(2)
The Market Economy
698(4)
Sociocultural Preconditions and Economic Requirements
698(2)
Role and Limitations of the Market in LDCs
700(2)
The ``Washington Consensus'' on the State in Development and Its Limitations
702(4)
Toward a New Consensus
704(2)
Development Political Economy: Theories of Policy Formulation and Reform
706(5)
Understanding Voting Patterns on Policy Reform
707(2)
Institutions and Path Dependency
709(1)
Democracy versus Autocracy: Which Facilitates Faster Growth?
710(1)
Trends in Governance and Reform
711(6)
Tackling the Problem of Corruption
711(3)
Decentralization
714(1)
Development Participation
715(2)
Development Policy and the State: Concluding Observations
717(3)
Case Study: The Economy of Ghana
720(4)
Case Study: The Economy of the Philippines
724(8)
Concepts for Review
726(6)
Questions for Discussion
Notes
Further Reading
Finance and Fiscal Policy for Development
732(55)
The Role of the Financial System
733(1)
The Painful Road to Macroeconomic Stability
734(11)
Differences between MDC and LDC Financial Systems
735(3)
The Role of Central Banks
738(3)
The Emergence of Development Banking
741(1)
The Role of Informal Finance and Group Lending for Small-Scale Enterprise
742(3)
Reforming Financial Systems
745(6)
Financial Liberalization, Real Interest Rates, Savings, and Investment
745(2)
Financial Policy and the Role of the State
747(2)
Debate on the Role of the Stock Markets
749(2)
Fiscal Policy for Development
751(5)
Macrostability and Resource Mobilization
751(1)
Taxation: Direct and Indirect
751(5)
Public Administration: The Scarcest Resource
756(2)
State-Owned Enterprises
758(5)
Improving the Performance of SOEs
760(1)
Privatization: Theory and Experience
761(2)
Military Expenditures and Economic Development
763(5)
Significance and Economic Impact
763(3)
The End of the Cold War: Disarmament, Conflict Resolution, and Human Development
766(2)
Case Study: The Economy of South Africa
768(11)
Concepts for Review
772(7)
Questions for Discussion
Notes
Further Reading
Comparative Case Study: Chile and Poland
Privatization: What, When, and to Whom?
779(8)
Glossary787(28)
Name Index815(10)
Subject Index825

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