Table of contents for Economic development / Michael P. Todaro, Stephen C. Smith.

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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
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 
	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
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 
	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
Case Study: Understanding a Development Miracle: China
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 
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 
	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
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 
Case Study: Rural-Urban Migration and Urbanization in Developing Countries: India and 
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
 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 
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 
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
	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 
 Trade Theory and Development: The Traditional Arguments
The Critique of Traditional Free-Trade Theory in the Context of Developing-Country 
	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 
	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
Name Index
Subject Index

Library of Congress Subject Headings for this publication:

Economic development.
Developing countries -- Economic policy.