Why do some nations become rich while others remain poor?
Traditional mainstream economic growth theory has done little to
answer this question--during most of the twentieth century the
theory focused on models that assumed growth was a simple function
of labor, capital, and technology. Through a collection of case
studies from Asia and Africa to Latin America and Europe, "Making
Poor Nations Rich" argues for examining the critical role
entrepreneurs and the institutional environment of private property
rights and economic freedom play in economic development.
"Making Poor Nations Rich" begins by explaining how entrepreneurs
create economic growth and why some institutional environments
encourage more productive entrepreneurship than others. The volume
then addresses countries and regions that have failed to develop
because of barriers to entrepreneurship. Finally, the authors turn
to countries that "have" developed by reforming their institutional
environment to protect private property rights and grant greater
levels of economic freedom.
The overall lesson from this volume is clear: pro-market reforms
are essential to promoting the productive entrepreneurship that
leads to economic growth. In countries where this institutional
environment is lacking, sustained economic development will remain
illusive.
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