There are many theories concerning the relationship between the pace of development and economic growth in different countries. This impressive collection explores the relationship between a country's balance of payments and their rate of economic growth. The evidence and ramifications within the book will be of interest to economists and policy-makers in developing countries.

There are many theories concerning the reasons that the pace of development and the growth of national product differ between nations. One of the most interesting theories concerns the relationship between a country's balance of payments and its economic growth and development. It is this area which is covered in this book. The contributions contained within this book outline the fundamental theoretical model which argues that no country can grow faster than that rate consistent with balance of payments equilibrium on current account. It moves on to analyze various case studies that apply the model to both developed and developing countries. With an impressive array of contributors and under the notable editorship of mcCombie and thirlwall, this book is simply essential reading for economists with an interest in the relationship between trade and growth, and to policy makers in developing countries.