This book provides a general overview of the challenges of economic
development for the five billion people living in developing
countries. While they constitute over 80 percent of the world's
population, they account for only 40% of the world's output, and
are home to 2.6 billion people living on less than $2.00 per day.
Thinking on economic development has shifted over time. Early
theories that stressed capital formation and a heavy reliance on
the public sector proved inadequate. Gradually, economists began to
see that development was a complex, multifaceted problem that
combined economic issues with problems of poverty and income
distribution, insititution building and governance. While there
have been many failures, there have also been many successes.
Countries such as China, Chile, Ghana, and Korea demonstrate that
good policies and strong institutions can result in remarkable
progress. However, many poor countries, particularly those in
Africa continue to lag behind. Closing this gap remains a major
challenge for the world, particularly as the growing population and
output of developing countries accelerate tensions in such areas as
trade, immigration and financial flows.
General
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