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Economic Development

by: Todaro, Michael P.; Smith, Stephen C.

Economic Development

by: Todaro, Michael P.; Smith, Stephen C.

ISBN 13:
9780321278883
ISBN 10:
0321278887
Edition: 10th
Format: Hardcover
Copyright: 01/01/2009
Publisher: Addison Wesley
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Summary

"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.

Preface

vii

Case Studies

xxvii

Part One Principles and Concepts

Economics, Institutions, and Development: A Global Perspective

(34)

How the Other Half Live

(5)

Economics and Development Studies

(6)

The Nature of Development Economics

(1)

Why Study Development Economics? Some Critical Questions

(3)

The Important Role of Values in Development Economics

(1)

Economies as Social Systems: The Need to Go Beyond Simple Economics

(1)

What Do We Mean by Development?

(10)

Traditional Economic Measures

(1)

The New Economic View of Development

(1)

Sen's ``Capabilities'' Approach

(3)

Three Core Values of Development

(2)

The Three Objectives of Development

(1)

The Millennium Development Goals

(3)

Conclusions

(2)

Case Study: Progress in the Struggle for More Meaningful Development: Brazil

(10)

Comparative Development: Differences and Commonalities among Developing Countries

(65)

Defining the Developing World

(3)

The Structural Diversity of Developing Economies

(8)

Size and Income Level

(2)

Historical Background

(1)

Physical and Human Resources

(1)

Ethnic and Religious Composition

(1)

Relative Importance of the Public and Private Sectors and Civil Society

(1)

Industrial Structure

(2)

Political Structure, Power, and Interest Groups

(1)

Common Characteristics of Developing Nations

(22)

Low Levels of Living

(9)

A Holistic Measure of Living Levels: The Human Development Index

(5)

Low Levels of Productivity

(1)

High Rates of Population Growth and Dependency Burdens

(2)

Substantial Dependence on Agricultural Production and Primary-Product Exports

(2)

Prevalence of Imperfect Markets and Incomplete Information

(1)

Dependence and Vulnerability in International Relations

(1)

How Developing Countries Today Differ from Developed Countries in Their Earlier Stages

(8)

Physical and Human Resource Endowments

(1)

Relative Levels of Per Capita Income and GDP

(1)

Climatic Differences

(1)

Population Size, Distribution, and Growth

(1)

The Historical Role of International Migration

(2)

The Growth Stimulus of International Trade

(1)

Basic Scientific and Technological Research and Development Capabilities

(1)

Stability and Flexibility of Political and Social Institutions

(1)

Efficacy of Domestic Economic Institutions

(1)

Are Living Standards of Developing and Developed Countries Converging?

(3)

Conclusion

(2)

Case Study: Divergent Development: Pakistan and Bangladesh

(13)

Appendix 2.1 Components of Economic Growth

(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)

Glossary

805

(28)

Name Index

833

(12)

Subject Index

845

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Economic Development

Economic Development

9780321278883

0321278887

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Economic Development

Economic Development

9780321278883

0321278887

Summary

Table of Contents

Supplemental Materials

Write a Review

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