Description
Book SynopsisAlternative strategies of economic development have received little attention in the literature. Academics rarely compare certain strategic features or assess the performance of different strategies in terms of outcomes. This book seeks to address that gap and to provide a theoretical background to the shift from industry to human capital-intensive services as the engine of economic growth. Pioneering studies reveal interesting trends and patterns that point to the growing importance of intangible capital for the level of GDP. They also indicate a much greater role of economic freedom in bringing about this second great structural change than was the case with industrialization. With this perspective on structural change and the role of freedom, Shortcut or Piecemeal also provides an extensive assessment of four key developing countries: Brazil, Russia, India, and China. Subjects: 1. Central planning—History. 2. Economic development—History
Table of ContentsIntroduction
Part I: Developmental Strategies
Pursued over the Past Century
Chapter 1: Centrally Planned and Administered Economy and Steep Ascent Strategy: A Complete Failure
Chapter 2: Development Economics-based Strategy in Less Developed Countries: An Incomplete Failure
Chapter 3: A Shift Toward Better Understood (and Appreciated) Classical Economic Prescriptions: An Incomplete Success
Part II: Transformations of Output Structure in the Process of Economic Development
Chapter 4: Industrialization: The First Major Phase of Structural Transformation
Chapter 5: The Shift to Human Capital-intensive Market Services: The Second Major Phase of Structural Transformation
Part III: Applying the Conclusions: BRIC Countries’ Developmental Strategies
Chapter 6: Russia and China: Some Historical as well as Performance Similarities (up to a Point…)
Chapter 7: India and Brazil: Two “Great Potentials”
Postscript: On Choosing Inefficient Institutions
