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Table of Contents List of Case Studies xxvii Part One Principles and Concepts 000 1 Economics, Institutions, and Development: A Global Perspective 000 How the Other Half Live 000 Economics and Development Studies 000 The Nature of Development Economics 000 Why Study Development Economics? Some Critical Questions 000 The Important Role of Values in Development Economics 000 Economies as Social Systems: The Need to Go Beyond Simple Economics 000 What Do We Mean by Development? 000 Traditional Economic Measures 000 The New Economic View of Development 000 Sen's "Capabilities" Approach 000 Three Core Values of Development 000 The Three Objectives of Development 000 The Millennium Development Goals 000 Conclusions 000 Case Study: Progress in the Struggle for More Meaningful Development: Brazil 000 2 Comparative Development: Differences and Commonalities among Developing Countries 000 Defining the Developing World 000 The Structural Diversity of Developing Economies 000 Size and Income Level 000 Historical Background 000 Physical and Human Resources 000 Ethnic and Religious Composition 000 Relative Importance of the Public and Private Sectors and Civil Society 000 Industrial Structure 000 Political Structure, Power, and Interest Groups 000 Common Characteristics of Developing Nations 000 Low Levels of Living 000 A Holistic Measure of Living Levels: The Human Development Index 000 Low Levels of Productivity 000 High Rates of Population Growth and Dependency Burdens 000 Substantial Dependence on Agricultural Production and Primary-Product Exports 000 Prevalence of Imperfect Markets and Incomplete Information 000 Dependence and Vulnerability in International Relations 000 How Developing Countries Today Differ from Developed Countries in Their Earlier Stages 000 Physical and Human Resource Endowments 000 Relative Levels of Per Capita Income and GDP 000 Climatic Differences 000 Population Size, Distribution, and Growth 000 The Historical Role of International Migration 000 The Growth Stimulus of International Trade 000 Basic Scientific and Technological Research and Development Capabilities 000 Stability and Flexibility of Political and Social Institutions 000 Efficacy of Domestic Economic Institutions 000 Are Living Standards of Developing and Developed Countries Converging? 000 Conclusion 000 Case Study: Divergent Development: Pakistan and Bangladesh 000 Appendix 2.1 Components of Economic Growth 000 3 Classic Theories of Economic Development 000 Classic Theories of Economic Development: Four Approaches 000 Development as Growth and the Linear-Stages Theories 000 Rostow's Stages of Growth 000 The Harrod-Domar Growth Model 000 Obstacles and Constraints 000 Necessary versus Sufficient Conditions: Some Criticisms of the Stages Model 000 Structural-Change Models 000 The Lewis Theory of Development 000 Structural Change and Patterns of Development 000 Conclusions and Implications 000 The International-Dependence Revolution 000 The Neocolonial Dependence Model 000 The False-Paradigm Model 000 The Dualistic-Development Thesis 000 Conclusions and Implications 000 The Neoclassical Counterrevolution: Market Fundamentalism 000 Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches 000 Traditional Neoclassical Growth Theory 000 Conclusions and Implications 000 Classic Theories of Development: Reconciling the Differences 000 Case Study: Schools of Thought in Context: South Korea and Argentina 000 Appendix 3.1 The Solow Neoclassical Growth Model 000 4 Contemporary Models of Development and Underdevelopment 000 The New Growth Theory: Endogenous Growth 000 Motivation for the New Growth Theory 000 The Romer Model 000 Criticisms of the New Growth Theory 000 Underdevelopment as a Coordination Failure 000 Multiple Equilibria: A Diagrammatic Approach 000 Starting Economic Development: The Big Push 000 The Big Push: A Graphical Model 000 Why the Problem Cannot Be Solved by a Super-Entrepreneur 000 Further Problems of Multiple Equilibria 000 Kremer's O-Ring Theory of Economic Development 000 The O-Ring Model 000 Implications of the O-Ring Theory 000 Summary and Conclusions: Multiple Equilibria and Coordination Failures 000 Case Study: Understanding a Development Miracle: China 000 Part Two Problems and Policies: Domestic 5 Poverty, Inequality, and Development 000 Measuring Inequality and Poverty 000 Measuring Inequality 000 Measuring Absolute Poverty 000 Poverty, Inequality, and Social Welfare 000 What's So Bad about Inequality? 000 Dualistic Development and Shifting Lorenz Curves: Some Stylized Typologies 000 Kuznets' Inverted-U Hypothesis 000 Growth and Inequality 000 Absolute Poverty: Extent and Magnitude 000 Growth and Poverty 000 Economic Characteristics of Poverty Groups 000 Rural Poverty 000 Women and Poverty 000 Ethnic Minorities, Indigenous Populations, and Poverty 000 The Range of Policy Options: Some Basic Considerations 000 Areas of Intervention 000 Policy Options 000 Summary and Conclusions: The Need for a Package of Policies 000 Case Study: Making Microfinance Work for the Poor: The Grameen Bank of Bangladesh 000 Appendix 5.1 Appropriate Technology and Employment Generation: The Price-Incentive Model 000 Appendix 5.2 The Ahluwalia-Chenery Welfare Index 000 6 Population Growth and Economic Development: Causes, Consequences, and Controversies 000 The Basic Issue: Population Growth and the Quality of Life 000 A Review of Numbers: Population Growth-Past, Present, and Future 000 World Population Growth through History 000 Structure of the World's Population 000 The Hidden Momentum of Population Growth 000 The Demographic Transition 000 The Causes of High Fertility in Developing Countries: The Malthusian and Household Models 000 The Malthusian Population Trap 000 Criticisms of the Malthusian Model 000 The Microeconomic Household Theory of Fertility 000 The Demand for Children in Developing Countries 000 Some Empirical Evidence 000 Implications for Development and Fertility 000 The Consequences of High Fertility: Some Conflicting Opinions 000 Population Growth Is Not a Real Problem 000 A Deliberately Contrived False Issue 000 A Desirable Phenomenon 000 Population Growth Is a Real Problem 000 The Empirical Argument: Seven Negative Consequences of Population Growth 000 Goals and Objectives: Toward a Consensus 000 Some Policy Approaches 000 What Developing Countries Can Do 000 What the Developed Countries Can Do: Resources, Population, and the Global Environment 000 How Developed Countries Can Assist Developing Countries with Their Population Programs 000 Conclusion 000 Case Study: Population, Poverty, and Development: China and India 000 7 Urbanization and Rural-Urban Migration: Theory and Policy 000 The Migration and Urbanization Dilemma 000 Urbanization: Trends and Projections 000 The Role of Cities 000 Industrial Districts 000 Efficient Urban Scale 000 The Urban Giantism Problem 000 First City Bias 000 Causes of Urban Giantism 000 The Urban Informal Sector 000 Policies for the Urban Informal Sector 000 Women in the Informal Sector 000 Urban Unemployment 000 Migration and Development 000 Toward an Economic Theory of Rural-Urban Migration 000 A Verbal Description of the Todaro Model 000 A Diagrammatic Presentation 000 Five Policy Implications 000 Summary and Conclusions: The Shape of a Comprehensive Migration and Employment Strategy 000 Case Study: Rural Urban Migration and Urbanization in Developing Countries: India and Botswana 000 Appendix 7.1 A Mathematical Formulation of the Todaro Migration Model 000 8 Human Capital: Education and Health in Economic Development 000 The Central Roles of Education and Health 000 Education and Health as Joint Investments for Development 000 Improving Health and Education: Why Increasing Income Is Not Sufficient 000 Investing in Education and Health: The Human Capital Approach 000 Child Labor 000 The Gender Gap: Women and Education 000 Consequences of Gender Bias in Health and Education 000 Educational Systems and Development 000 Educational Supply and Demand: The Relationship between Employment Opportunities and Educational Demands 000 Social versus Private Benefits and Costs 000 Distribution of Education 000 Education, Inequality, and Poverty 000 Education, Internal Migration, and the Brain Drain 000 Health Systems and Development 000 Measurement and Distribution 000 Disease Burden 000 Malaria and Parasitic Worms 000 HIV and AIDS 000 Health and Productivity 000 Health Systems Policy 000 Policies for Health, Education, and Income Generation 000 Case Study: AIDS-Economic Development Impact and the Needed Response: Uganda and South Africa 000 9 Agricultural Transformation and Rural Development 000 The Imperative of Agricultural Progress and Rural Development 000 Agricultural Growth: Past Progress and Current Challenges 000 The Structure of Agrarian Systems in the Developing World 000 Two Kinds of World Agriculture 000 Peasant Agriculture in Latin America, Asia, and Africa 000 Conclusions 000 The Important Role of Women 000 The Economics of Agricultural Development: Transition from Peasant Subsistence to Specialized Commercial Farming 000 Subsistence Farming: Risk Aversion, Uncertainty, and Survival 000 The Transition to Mixed and Diversified Farming 000 From Divergence to Specialization: Modern Commercial Farming 000 Conclusions 000 Toward a Strategy of Agricultural and Rural Development: Some Main Requirements 000 Improving Small-Scale Agriculture 000 Conditions for Rural Development 000 Case Study: Improving Agricultural Extension for Women Farmers: Kenya 000 10 The Environment and Development 000 Economics and the Environment 000 Environment and Development: The Basic Issues 000 Sustainable Development and Environmental Accounting 000 Population, Resources, and the Environment 000 Poverty and the Environment 000 Growth versus the Environment 000 Rural Development and the Environment 000 Urban Development and the Environment 000 The Global Environment 000 The Scope of Environmental Degradation: An Overview 000 Rural Development and the Environment: A Tale of Two Villages 000 Traditional Economic Models of the Environment 000 Privately Owned Resources 000 Common Property Resources 000 Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem 000 Limitations of the Public-Good Framework 000 Urban Development and the Environment 000 The Ecology of Urban Slums 000 Industrialization and Urban Air Pollution 000 Problems of Congestion and the Availability of Clean Water and Sanitation 000 The Need for Policy Reform 000 The Global Environment: Rain Forest Destruction and Greenhouse Gases 000 Policy Options in Developing and Developed Countries 000 What Less Developed Countries Can Do 000 How Developed Countries Can Help LDCs 000 What Developed Countries Can Do for the Global Environment 000 Case Study: Economic Growth and Environmental Sustainability: The Philippines 000 Elizabeth M. Remedio 000 11 Development Policymaking and the Roles of Market, State, and Civil Society 000 The Planning Mystique 000 The Nature of Development Planning 000 Basic Concepts 000 Planning in Mixed Developing Economies 000 The Rationale for Development Planning 000 The Planning Process: Some Basic Models 000 Aggregate Growth Models: Projecting Macro Variables 000 Multisector Models and Sectoral Projections 000 Project Appraisal and Social Cost-Benefit Analysis 000 Conclusions: Planning Models and Plan Consistency 000 Problems of Plan Implementation and Plan Failure 000 Theory versus Practice 000 Reasons for Plan Failure 000 Government Failure and the Resurgent Preference for Markets over Planning 000 The Market Economy 000 Sociocultural Preconditions and Economic Requirements 000 Role and Limitations of the Market in LDCs 000 The "Washington Consensus" on the State in Development and Its Limitations 000 Toward a New Consensus 000 Development Political Economy: Theories of Policy Formulation and Reform 000 Understanding Voting Patterns on Policy Reform 000 Institutions and Path Dependency 000 Democracy versus Autocracy: Which Facilitates Faster Growth? 000 Development Roles of NGOs and the Broader Citizen Sector 000 Trends in Governance and Reform 000 Tackling the Problem of Corruption 000 Decentralization 000 Development Participation 000 Development Policy and the State: Concluding Observations 000 Case Study: A National Development NGO: The BRAC Model 000 Part Three Problems and Policies: International and Macro 12 Trade Theory and Development Experience 000 Globalization: An Introduction 000 International Trade and Finance: Some Key Issues 000 Five Basic Questions about Trade and Development 000 Importance of Exports to Different Developing Nations 000 Demand Elasticities and Export Earnings Instability 000 The Terms of Trade and the Prebisch-Singer Thesis 000 The Traditional Theory of International Trade 000 Comparative Advantage 000 Relative Factor Endowments and International Specialization: The Neoclassical Model 000 Trade Theory and Development: The Traditional Arguments 000 Some Criticisms of Traditional Free-Trade Theory in the Context of Developing-Country Experience 000 Fixed Resources, Full Employment, and the International Immobility of Capital and Skilled Labor 000 Fixed, Freely Available Technology and Consumer Sovereignty 000 Internal Factor Mobility and Perfect Competition: Increasing Returns, Imperfect Competition, and Controlled Markets 000 The Absence of National Governments in Trading Relations 000 Balanced Trade and International Price Adjustments 000 Trade Gains Accruing to Nationals 000 Some Conclusions on Trade Theory and Economic Development Strategy 000 Case Study: Taiwan: A Development Success Story 000 13 The Trade Policy Debate: Export Promotion, Import Substitution, and Economic Integration 000 Trade Strategies for Development: Export Promotion versus Import Substitution 000 Export Promotion: Looking Outward and Seeing Trade Barriers 000 Import Substitution: Looking Inward but Still Paying Outward 000 The IS Industrialization Strategy and Results 000 Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision 000 Summary and Conclusions: Trade Optimists and Trade Pessimists 000 Trade Pessimist Arguments 000 Trade Optimist Arguments 000 The Industrialization Strategy Approach to Export Policy 000 Reconciling the Arguments: The Data and the Consensus 000 South-South Trade and Economic Integration: Looking Outward and Inward 000 The Growth of Trade among Developing Countries 000 Economic Integration: Theory and Practice 000 Regional Trading Blocs and the Globalization of Trade 000 Trade Policies of Developed Countries: The Need for Reform 000 Rich-Nation Tariff and Nontariff Trade Barriers and the 1995 Uruguay Round GATT Agreement 000 Case Study: Industrial and Export Policy: South Korea 000 14 Balance of Payments, Developing-Country Debt, and the Macroeconomic Stabilization Controversy 000 The Balance of Payments Account 000 General Considerations 000 A Hypothetical Illustration: Deficits and Debts 000 Financing and Reducing Payments Deficits 000 Some Initial Policy Issues 000 Trends in LDC Balance of Payments 000 The Debt Crisis of the 1980s 000 Background and Analysis 000 Origins of the Debt Crisis 000 Attempts at Alleviation: Macroeconomic Instability, IMF Stabilization Policies, and Their Critics 000 The IMF Stabilization Program 000 Tactics for Debt Relief 000 Has the Debt Problem Disappeared? Winners and Losers 000 Conclusions 000 Case Study: Mexico: Crisis, Debt Reduction, and the Struggle for Renewed Growth 000 Appendix 14.1 A Brief History and Analysis of the International Monetary Fund and the World Bank 000 15 Foreign Finance, Investment, and Aid: Controversies and Opportunities 000 The International Flow of Financial Resources 000 Private Foreign Direct Investment and the Multinational Corporation 000 Multinational Corporations: Size, Patterns, and Trends 000 Private Foreign Investment: Some Pros and Cons for Development 000 Private Portfolio Investment: Boon or Bane for LDCs? 000 Foreign Aid: The Development Assistance Debate 000 Conceptual and Measurement Problems 000 Amounts and Allocations: Public Aid 000 Why Donors Give Aid 000 Why LDC Recipients Accept Aid 000 The Growing Role of Nongovernmental Organizations (NGOs) 000 The Effects of Aid 000 Case Study: Botswana: African Success Story at Risk 000 16 Finance and Fiscal Policy for Development 000 The Role of the Financial System 000 The Painful Road to Macroeconomic Stability 000 Differences between MDC and LDC Financial Systems 000 The Role of Central Banks 000 The Emergence of Development Banking 000 nformal Finance, Group Lending, and Microfinance Institutions for Small-Scale Enterprise 000 Reforming Financial Systems 000 Financial Liberalization, Real Interest Rates, Savings, and Investment 000 Financial Policy and the Role of the State 000 Debate on the Role of the Stock Markets 000 Fiscal Policy for Development 000 Macrostability and Resource Mobilization 000 Taxation: Direct and Indirect 000 Public Administration: The Scarcest Resource 000 State-Owned Enterprises 000 Improving the Performance of SOEs 000 Privatization: Theory and Experience 000 Military Expenditures and Economic Development 000 Significance and Economic Impact 000 Case Study: Chile and Poland Privatization: What, When, and to Whom? 000 17 Some Critical Issues for the Twenty-First Century 000 Global Independence and the Growth of Developing-World Markets 000 The Global Environment and the Developing World 000 Pollutants and Their Consequences for the Global Environment 000 MDC and LDC Contributions to Greenhouse Gases 000 Rain Forest Preservation as a Public Good: Who Should Pay? 000 Searching for Solutions: The 1992, 1997, and 2002 Summits 000 The Crisis in Sub-Saharan Africa 000 Globalization and International Financial Reform 000 Concluding Remarks 000 Glossary 000 Name Index 000 Subject Index 000
Library of Congress Subject Headings for this publication:
Developing countries -- Economic policy.