This book analyzes the development of economic events in Japan,
China, the NICs, Russia, Germany, Britain, and the United States of
America during the second half of the twentieth century in an
effort to uncover the variables that were determinant for the
generation of economic growth. After analyzing numerous economic
and non-economic variables, the author manages to identify a common
denominator that was always present when there was growth and
absent when there was stagnation. A strong causality linkage is
established between this common denominator and growth. The book
also demonstrates how this common set of variables can be easily
manipulated by government policy in order to deliver fast and
sustained economic growth. The book concludes with a clear set of
macroeconomic policies for the attainment of fast, non-inflationary
growth in developing countries, middle-income nations, transition
economies, and developed countries.
Despite its unorthodox position, the book endorses free trade,
privatization, liberalization, fiscal rectitude, low inflation,
central bank independence, proper governance, protection of the
environment, and better income distribution. With this approach,
the book offers a fresh new look on the problem of growth and
offers hope that economic science will finally provide governments
with an effective policy tool for the elimination of poverty and
unemployment.
General
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