The determinants of economic growth and development are hotly debated among economists. Financial crises and failed transition experiments have highlighted the fact that functioning institutions are fundamental to the goal of achieving economic growth. The growth literature has seen an abundance of empirical studies on the influence of institutions and the mechanisms by which institutions affect development. This CESifo volume provides a systematic overview of the current scholarship on the impact of institutions on growth.
The question of convergence, or under what conditions the per capita income levels of developing countries can catch up to those found in advanced economies, is critical for understanding economic growth and development. Convergence has happened in many countries and appears to be taking place now in China and India—yet in general per capita income levels in the poorer countries do not converge towards those of richer countries as uniformly as the analytical models predict.
The enemies of globalization—whether they denounce the exploitation of poor countries by rich ones or the imposition of Western values on traditional cultures—see the new world economy as forcing a system on people who do not want it. But the truth of the matter, writes Daniel Cohen in this provocative account, may be the reverse. Globalization, thanks to the speed of twenty-first-century communications, shows people a world of material prosperity that they do want—a vivid world of promises that have yet to be fulfilled.
Neither socialism nor free-market neoliberalism has been a very helpful model for Latin America, writes Javier Santiso in this witty and literate reading of that region's economic and political condition. Latin America must move beyond utopian schemes and rigid ideologies invented in other hemispheres and acknowledge its own social realities of inequality and poverty.
In this book Ernest Wilson provides a clear, nuanced analysis of the major transformations resulting from the global information revolution. He shows that the information revolution is rooted in societal dynamics, political interests, and social structure. Using the innovative Strategic ReStructuring (SRS) model, he uncovers links between the big changes taking place around the world and the local initiatives of individual information activists, especially in developing countries.
Since the mid-1990s, emerging market economies have been hit by dramatic highs and lows: lifted by large capital inflows, then plunged into chaos by constrained credit and out-of-control exchange rates. The conventional wisdom about such crises is strongly influenced by the experience of advanced economies. In Emerging Capital Markets in Turmoil, Guillermo Calvo examines these issues instead from the perspective of emerging market economies themselves, taking into account the limitations and vulnerabilities these economies confront.
Stanley Fischer served as First Deputy Managing Director of the International Monetary Fund from 1994 to 2001. IMF Essays from a Time of Crisis collects sixteen essays written for the most part during his time at the IMF, each updated with Fischer's later reflections on the issues raised.
While human capital is a clear determinant of economic growth, only recently has health's role in this process become a focus of serious academic inquiry. By marrying the separate fields of health economics and growth theory, this groundbreaking book explores the explicit mechanisms by which a population's individual and collective health status affects a nation's economic development and performance.
Despite significant gains in promoting economic growth and living conditions (or "human progress") globally over the last twenty-five years, much of the developing world remains plagued by poverty and its attendant problems, including high rates of child mortality, illiteracy, environmental degradation, and war. In Growth and Empowerment, Nicholas Stern, Jean-Jacques Dethier, and F. Halsey Rogers propose a new strategy for development.
This wide-ranging review of some of the major issues in development economics focuses on the role of economic and political institutions. Drawing on the latest findings in institutional economics and political economy, Pranab Bardhan, a leader in the field of development economics, offers a relatively nontechnical discussion of current thinking on these issues from the viewpoint of poor countries, synthesizing recent research and reflecting on where we stand today.