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Contents . I. PRINCIPLES AND CONCEPTS 1. Economics, Institutions, and Development: A Global Perspective How the Other Half Live Economics and Development Studies The Nature of Development Economics Why Study Development Economics? Some Critical Questions The Important Role of Values in Development Economics Economies as Social Systems: The Need to Go Beyond Simple Economics What Do We Mean by Development? Traditional Economic Measures The New Economic View of Development Sen's "Capabilities" Approach Three Core Values of Development The Central Role of Women The Three Objectives of Development The Millennium Development Goals Conclusions Case Study: Progress in the Struggle for More Meaningful Development: Brazil 2. Comparative Economic Development Defining the Developing World Measuring Development for Quantitative Comparison across Countries Some Basic Indicators of Development A Holistic Measure of Living Levels: The Human Development Index Characteristics of the Developing World: Diversity within Commonality Lower Levels of Living and Productivity Lower Levels of Human Capital Higher Levels of Inequality and Absolute Poverty Higher Population Growth Rates Greater Social Fractionalization Larger Rural Populations but Rapid Rural-to-Urban Migration Lower Levels of Industrialization and Manufactured Exports Adverse Geography Underdeveloped Financial and Other Markets Lingering Colonial Impact How Low-Income Countries Today Differ from Developed Countries in Their Earlier Stages Physical and Human Resource Endowments Relative Levels of Per Capita Income and GDP Climatic Differences Population Size, Distribution, and Growth The Historical Role of International Migration The Growth Stimulus of International Trade Basic Scientific and Technological Research and Development Capabilities Efficacy of Domestic Institutions Are Living Standards of Developing and Developed Nations Converging? Long-Run Causes of Comparative Development Conclusion Case Study: Divergent Development: Pakistan and Bangladesh 3. Classic Theories of Economic Growth and Development Classic Theories of Economic Development: Four Approaches Development as Growth and the Linear-Stages Theories Rostow's Stages of Growth The Harrod-Domar Growth Model Obstacles and Constraints Necessary versus Sufficient Conditions: Some Criticisms of the Stages Model Structural-Change Models The Lewis Theory of Development Structural Change and Patterns of Development Conclusions and Implications The International-Dependence Revolution The Neocolonial Dependence Model The False-Paradigm Model The Dualistic-Development Thesis Conclusions and Implications The Neoclassical Counterrevolution: Market Fundamentalism Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches Traditional Neoclassical Growth Theory Conclusions and Implications Classic Theories of Development: Reconciling Differences Case Study: Schools of Thought in Context: South Korea and Argentina Appendix 3.1 Components of Economic Growth Appendix 3.2 The Solow Neoclassical Growth Model Appendix 3.3 Endogenous Growth Theory 4. Contemporary Models of Development and Underdevelopment Underdevelopment as a Coordination Failure Multiple Equilibria: A Diagrammatic Approach Starting Economic Development: The Big Push The Big Push: A Graphical Model Why the Problem Cannot Be Solved by a Super-Entrepreneur Other Cases in Which a Big Push May Be Necessary Further Problems of Multiple Equilibria Kremer's O-Ring Theory of Economic Development The O-Ring Implications of the O-Ring Theory Economic Development as Self-Discovery The Hausmann-Rodrik-Velasco Growth Diagnostics Framework Conclusions Case Study: Understanding a Development Miracle: China II. PROBLEMS AND POLICIES: DOMESTIC 5. Poverty, Inequality, and Development Measuring Inequality and Poverty Measuring Inequality Measuring Absolute Poverty Poverty, Inequality, and Social Welfare What's So Bad about Inequality? Dualistic Development and Shifting Lorenz Curves: Some Stylized Typologies Kuznet's Inverted-U Hypothesis Growth and Inequality Absolute Poverty: Extent and Magnitude Growth and Poverty Economic Characteristics of Poverty Groups Rural Poverty Women and Poverty Ethnic Minorities, Indigenous Populations, and Poverty Policy Options: Some Basic Considerations Areas of Intervention Policy Options Summary and Conclusions: The Need for a Package of Policies Case Study: Making Microfinance Work for the Poor: The Grameen Bank of Bangladesh Appendix 5.1 Appropriate Technology and Employment Gentrification: The Price- Incentive Model Appendix 5.2 The Ahluwalia-Chenery Welfare Index 6. Population Growth and Economic Development: Causes, Consequences, and Controversies The Basic Issue: Population Growth and the Quality of Life Population Growth: Past, Present, and Future World Population Growth throughout History Structure of the World's Population The Hidden Momentum of Population Growth The Demographic Transition The Causes of High Fertility in Developing Countries: The Malthusian and Household Models The Malthusian Population Trap Criticisms of the Malthusian Model The Microeconomic Household Theory of Fertility The Demand for Children in Developing Countries Some Empirical Evidence Implications for Development and Fertility The Consequences of High Fertility: Some Conflicting Opinoins It's Not a Real Problem It's a Deliberately Contrived False Issue It's a Desirable Phenomenon It Is a Real Problem The Empirical Argument: Seven Negative Consequences of Population Growth Goals and Objectives: Toward a Consensus Some Policy Approaches What Developing Countries Can Do What the Developed Countries Can Do How Developed Countries Can Help Developing Countries with Their Population Programs Conclusion Case Study: Population, Poverty, and Development: China and India 7. Urbanization and Rural-Urban Migration: Theory and Policy The Migration and Urbanization Dilemma Urbanization Trends and Projections The Role of Cities Industrial Districts Efficient Urban Scale The Urban Giantism Problem First-City Bias Causes of Urban Giantism The Urban Informal Sector Policies for the Urban Informal Sector Women in the Informal Sector Migration and Development Toward an Economic Theory of Rural-Urban Migration A Verbal Description of the Todaro Model A Diagrammatic Presentation Five Policy Implications Summary and Conclusions: Comprehensive Migration and Employment Strategy Case Study: Rural-Urban Migration and Urbanization in Developing Countries: India and Botswana Appendix 7.1: A Mathematical Formulation of the Todaro Migration Model 8. Human Capital: Education and Health in Economic Development The Central Roles of Education and Health Education and Health as Joint Investments for Development Improving Health and Education: Why Increasing Income Is Not Sufficient Investing in Education and Health: The Human Capital Approach Child Labor The Gender Gap: Women and Education Consequences of Gender Bias in Health and Education Educational Systems and Development The Political Economy of Educational Supply and Demand: The Relationship between Employment Opportunities and Educational Demands Social versus Private Benefits and Costs Distribution of Education Education, Inequality, and Poverty Education, Internal Migration, and the Brain Drain Health Systems and Development Measurement and Distribution Disease Burden HIV/AIDS Malaria Parasitic Worms and Other "Neglected Tropical Diseases" Health and Productivity Health Systems Policy Case Study: Pathways out of Poverty: Progresa/Oportunidades 9. Agricultural Transformation and Rural Development The Imperative of Agricultural Progress and Rural Development Agricultural Growth: Past Progress and Current Challenges The Structure of Agrarian Systems in the Developing World Peasant Agriculture in Latin America, Asia, and Africa Agrarian Patterns in Latin America: Progress and Remaining Poverty Challenges Transforming Economics: Problems of Fragmentation and Subdivision of Peasant Land in Asia Subsistence Agriculture and Extensive Cultivation in Africa The Important Role of Women The Economics of Agricultural Development: Transition from Peasant Subsistence to Specialized Commercial Farming Subsistence Farming: Risk Aversion, Uncertainty, and Survival The Transition to Mixed and Diversified Farming From Divergence to Specialization: Modern Commercial Farming Toward a Strategy of Agricultural and Rural Development: Some Main Requirements Improving Small-Scale Agriculture Conditions for Rural Development Case Study: The Need to Improve Agricultural Extension for Women Farmers: Kenya 10. The Environment and Development Economics and the Environment Environment and Development: The Basic Issues Sustainable Development and Environmental Accounting Population, Resources, and the Environment Poverty and the Environment Growth versus the Environment Rural Development and the Environment Urban Development and the Environment The Global Environment and Economy The Nature and Pace of Greenhouse Gas-Induced Climate Change Natural Resource-Based Livelihoods as a Pathway out of Poverty: Promise and Limitations The Scope of Environmental Degradation: An Overview Rural Development and the Environment: A Tale of Two Villages Global Warming and Climate Change Traditional Economic Models of the Environment Privately Owned Resources Common Property Resources Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem Limitations of the Public-Good Framework Urban Development and the Environment The Ecology of Urban Slums Industrialization and Urban Air Pollution Problems of Congestion, Clean Water, and Sanitation The Need for Policy Reform The Local and Global Costs of Rain Forest Destruction Policy Options in Developing and Developed Countries What Less Developed Countries Can Do How Developed Countries Can Help LDCs What Developed Countries Can Do for the Global Environment Case Study: Economic Growth and Environmental Sustainability: The Philippines 11. Development Policymaking and the Roles of Market, State, and Civil Society The Planning Mystique The Nature of Development Planning Basic Concepts Planning in Mixed Developing Economies The Rationale for Development Planning The Planning Process: Some Basic Models Aggregate Growth Models: Projecting Macro Variables Multisector Models and Sectoral Projections Project Appraisal and Social Cost-Benefit Analysis Conclusions: Planning Models and Plan Consistency Problems of Plan Implementation and Plan Failure Theory versus Practice Reasons for Plan Failure Government Failure and the Resurgent Preference for Markets over Planning The Market Economy Sociocultural Preconditions and Economic Requirements Role and Limitations of the Market in LDCs The Washington Consensus on the State Role in Development and Its Limitations Toward a New Consensus Development Political Economy: Theories of Policy Formulation and Reform Understanding Voting Patterns on Policy Reform Institutions and Path Dependency Democracy versus Autocracy: Which Facilitates Faster Growth? Development Roles of NGOs and the Broader Citizen Sector Trends in Governance and Reform Tackling the Problem of Corruption Decentralization Development Participation Development Policy and the State: Concluding Observations Case Study: The Role of Development NGOs: The BRAC Model III. Problems and Policies: International and Macro 12. International Trade Theory and Development Strategy Globalization: An Introduction International Trade and Finance: Some Key Issues Five Basic Questions about Trade and Development Importance of Exports to Different Developing Nations Demand Elasticities and Export Earnings Instability The Terms of Trade and the Prebisch-Singer Thesis The Traditional Theory of International Trade Comparative Advantage Relative Factor Endowments and International Specialization: The Neoclassical Model Trade Theory and Development: The Traditional Arguments The Critique of Traditional Free-Trade Theory in the Context of Developing-Country Experience Fixed Results, Full Employment, and the International Immobility of Capital and Skilled Labor Fixed, Freely Available Technology and Consumer Sovereignty Internal Factor Mobility, Perfect Competition, and Uncertainty: Increasing Returns, Imperfect Competition, and Issues in Specialization The Absence of National Governments in Trading Relations Balanced Trade and International Price Adjustments Trade Gains Accruing to Nationals Some Conclusions on Trade Theory and Economic Development Strategy Traditional Trade Strategies for Development: Export Promotion versus Import Substitution Export Promotion: Looking Outward and Seeing Trade Barriers Import Substitution: Looking Inward but Still Paying Outward The IS Industrialization Strategy and Results Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision Trade Optimists and Trade Pessimists: Summarizing the Traditional Debate Trade Pessimist Arguments Trade Optimist Arguments The Industrialization Strategy Approach to Export Policy Reconciling the Arguments: The Data and the Consensus South-South Trade and Economic Integration: Looking Outward and Inward Economic Integration: Theory and Practice Regional Trading Blocs and the Globalization of Trade Trade Policies of Developed Countries: The Need to Reform Case Study: A Development Success Story: Taiwan 13. Balance of Payments, Developing-Country Debt, and the Macroeconomic Stabilization Controversy The Balance of Payments Account General Considerations A Hypothetical Illustration: Deficits and Debts Financing and Reducing Payments Deficits Some Initial Policy Issues Trends in LDC Balance of Payments The Debt Crisis of the 1980s Background and Analysis Origins of the Debt Crisis Attempts at Alleviation: Macroeconomic Instability, IMF Stabilization Policies, and Their Critics The IMF Stabilization Program Tactics for Debt Relief "Odius Debt" and Its Prevention Resolution and Continued Vulnerabilities Case Study: South Korea: Trade, Capital Flows, and Development Strategy Appendix 13.1: A Brief History and Analysis of the International Monetary Fund and the World Bank 14. Foreign Finance, Investment, and Aid: Controversies and Opportunities The International Flow of Financial Resources Private Foreign Direct Investment and the Multinational Corporation Multinational Corporations: Size, Patterns, and Trends Private Foreign Investment: Some Pros and Cons for Development Private Portfolio Investment: Boon or Bane for LDCs? The Role and Growth of Remittances Foreign Aid: The Development Assistance Debate Conceptual and Measurement Problems Amounts and Allocations: Public Aid Why Donors Give Aid Why LDC Recipients Accept Aid The Role of Nongovernmental Organizations in Aid and Evaluation The Effects of Aid (C-head) Case Study: African Success Story at Risk: Botswania Chapter 15: Finance and Fiscal Policy for Development The Role of the Financial System The Bumpy Road to Macroeconomic Stability Differences between MDC and LDC Financial Systems The Role of Central Banks The Role of Development Banking Informal Finance Microfinance Institutions MFIs: Two Current Policy Debates (C-head) Reforming Financial Systems Financial Liberalization, Real Interest Rates, Savings, and Investment Financial Policy and the Role of the State Debate on the Role of Stock Markets Fiscal Policy for Development Macrostability and Resource Mobilization Taxation: Direct and Indirect Public Administration: The Scarcest Resource State-Owned Enterprises Improving the Performance of SOEs Privatization: Theory and Experience Military Expenditures and Economic Development Case Study: Privatization-What, When, and to Whom? Chile and Poland Chapter 16: Some Critical Issues for the Twenty-First Century Global Interdependence and the Growth of Developing-World Markets The Global Environment and the Developing World Searching for Global Solutions: The 1992, 1997, and 2002 Summits and Follow-Ups The Crisis in Sub-Saharan Africa Globalization and International Financial Reform Concluding Remarks Glossary Name Index Subject Index
Library of Congress Subject Headings for this publication:
Developing countries -- Economic policy.