Contemporary Economic Issues in Developing Countries

Contemporary Economic Issues in Developing Countries

Contemporary Economic Issues in Developing Countries

Contemporary Economic Issues in Developing Countries

Synopsis

Important lessons for policy makers are provided here as contributors evaluate the effectiveness of domestic economic policies and the recommendations of international organizations such as the World Bank regarding the economic development of developing countries. Challenges posed by debt problems, corruption, population dynamics, poverty, and the absence of adequate human and physical capital are highlighted. Contributors cast doubts on the conclusions of the prevailing theories of economic development with patterns of economic change over the course of the 20th century.

Their findings point out the issue of inadequate social capability as a critical factor in understanding the lack of economic development in many developing countries. They suggest that contemporary theorizing tends to pinpoint necessary but insufficient conditions for the successful implementation of development strategies in these countries.

Excerpt

In spite of the proliferation of writing and research under the rubric of the economics of developing countries, there are critical unresolved issues about the process and effectiveness of alternative strategies for economic development. Most of these issues have centered on the economic problems of developing countries. However, development strategies are often based on the experiences of modern advanced economies, which typically involve differences in internal circumstances and in the global economic environment within which they experienced economic development. the deepening economic crises within a sizable number of developing countries, despite decades of implementation of seemingly appropriate macroeconomic policies, have generated a search for a new paradigm of development that reflects the intrinsic national differences in institutions, time preferences, technical parameters, basic motivation, and values.

The purpose of this book is to shed light on some of the existing and new issues that are emerging with increased globalization, the advent of the “information age,” and changes in the global economic structure that have occurred in the past decade. Although some of these issues are well noted in the development literature, the authors in this book present variant views. the composition of the book therefore reflects many diverse areas and ideas. the book, which is composed of contributions by experienced economists with different views, is designed to evaluate both the theoretical and the empirical frameworks of a number of contemporary issues and provide related policy perspectives where necessary.

The book is also a combination of technical and nontechnical expositions of the issues, which are discussed in undergraduate development and . . .

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