Description
Book SynopsisEconomists have long relied on cross-country regression analysis to identify the determinants of continued growth, but with only limited success. This book demonstrates the value of a different approach.
The editors isolate three attributes that appear to be associated with long-term growth. First, whatever the form of the decision-making authority, all are ultimately subject to an element of political constraint: the population at large must eventually experience the benefits of growth if the authority is to remain in power. Broad-based growth is therefore required for growth to be sustained. Second, given the complexity and dynamism of the world, and our imperfect understanding of how it works, ideological rigidity will inevitably prove disastrous, whereas pragmatism and responsiveness to changing conditions and to ineffective policy initiatives are more likely to prolong growth. Third, unconventional substitutes can fill critical gaps while more formal institutions are being developed, thus hastening the growth process in the short run.
Drawing on the knowledge and understanding of local circumstances of researchers from the case-study countries, this book will appeal to post-graduate students studying development; particularly poverty, trade, investment and migration. Development practitioners concerned with the impact of developed-country policies on poverty in the developing world will also find this a captivating read.
Trade Review'McMahon, Esfahani, and Squire have edited a useful volume of regional studies on economic growth. Recommended.' -- P.N. Hess, Choice
Table of ContentsContents: Foreword Gobind Nankani Introduction: Re-examining Long-run Growth: Insights from Case Studies Gary McMahon, Hadi Salehi Esfahani and Lyn Squire 1. Understanding Economic Growth in Specific Contexts: An Overview of the First Phase of Global Research Project ‘Explaining Growth’ Hadi Salehi Esfahani 2. Explaining East Asian Growth: Converting Potential into Actual Growth Peter Warr 3. Explaining Growth in South Asia Siddiqur Osmani 4. Economic Growth in Latin America in the Twentieth Century Gary McMahon 5. Understanding Common Trends and Variations in the Growth Experience of MENA Countries Hadi Salehi Esfahani 6. Explaining Four Decades of Growth in Sub-Saharan Africa Augustin Kwasi Fosu and Ernest Aryeetey 7. Growth Experience and Prospects of Central and Eastern European Countries: A Synthesis Jan Fidrmuc, Mark Chandler and Julius Horvath 8. Explaining Economic Growth in the Commonwealth of Independent States Gur Ofer and Richard Pomfret 9. Diversity in Growth Experiences: The Role of Substitutes for the Fundamentals Hadi Salehi Esfahani, Gary McMahon and Lyn Squire Combined References Index
