Midlands State University Library
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Economic development / created by Michael P Todaro and Stephen C Smith.

By: Contributor(s): Material type: TextTextPublisher: Pearson Education, 2006Copyright date: 2006Edition: Ninth editionDescription: 851 pages : illustrations, 25 cmContent type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISBN:
  • 0321311957
Subject(s): LOC classification:
  • HD82 TOD
Contents:
Part One: Principles and Concepts 1. Economics, Institutions, and Development: A Global Perspective How the Other Half Live Economics and Development Studies The Nature of Development Economics Why Study Development Economics? Some Critical Questions The Important Role of Values in Development Economics Economies as Social Systems: The Need to Go Beyond Simple Economics What Do We Mean by Development? Traditional Economic Measures The New Economic View of Development Sen's "Capabilities" Approach Three Core Values of Development The Three Objectives of Development The Millennium Development Goals Conclusions Case Study: Progress in the Struggle for More Meaningful Development: Brazil 2. Comparative Development: Differences and Commonalities among Developing Countries Defining the Developing World The Structural Diversity of Developing Economies Size and Income Level Historical Background Physical and Human Resources Ethnic and Religious Composition Relative Importance of the Public and Private Sectors and Civil Society Industrial Structure Political Structure, Power, and Interest Groups Common Characteristics of Developing Nations Low Levels of Living A Holistic Measure of Living Levels: The Human Development Index Low Levels of Productivity High Rates of Population Growth and Dependency Burdens Substantial Dependence on Agricultural Production and Primary-Product Exports Prevalence of Imperfect Markets and Incomplete Information Dependence and Vulnerability in International Relations How Developing Countries Today Differ from Developed Countries in Their Earlier Stages Physical and Human Resource Endowments Relative Levels of Per Capita Income and GDP Climatic Differences Population Size, Distribution, and Growth The Historical Role of International Migration The Growth Stimulus of International Trade Basic Scientific and Technological Research and Development Capabilities Stability and Flexibility of Political and Social Institutions Efficacy of Domestic Economic Institutions Are Living Standards of Developing and Developed Countries Converging? Conclusion Case Study: Divergent Development: Pakistan and Bangladesh Appendix 2.1 Components of Economic Growth 3. Classic Theories of Economic Development Classic Theories of Economic Development: Four Approaches Development as Growth and the Linear-Stages Theories Rostow's Stages of Growth The Harrod-Domar Growth Model Obstacles and Constraints Necessary versus Sufficient Conditions: Some Criticisms of the Stages Model Structural-Change Models The Lewis Theory of Development Structural Change and Patterns of Development Conclusions and Implications The International-Dependence Revolution The Neocolonial Dependence Model The False-Paradigm Model The Dualistic-Development Thesis Conclusions and Implications The Neoclassical Counterrevolution: Market Fundamentalism Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches Traditional Neoclassical Growth Theory Conclusions and Implications Classic Theories of Development: Reconciling the Differences Case Study: Schools of Thought in Context: South Korea and Argentina Appendix 3.1 The Solow Neoclassical Growth Model 4. Contemporary Models of Development and Underdevelopment The New Growth Theory: Endogenous Growth Motivation for the New Growth Theory The Romer Model Criticisms of the New Growth Theory Underdevelopment as a Coordination Failure Multiple Equilibria: A Diagrammatic Approach Starting Economic Development: The Big Push The Big Push: A Graphical Model Why the Problem Cannot Be Solved by a Super-Entrepreneur Further Problems of Multiple Equilibria Kremer's O-Ring Theory of Economic Development The O-Ring Model Implications of the O-Ring Theory Summary and Conclusions: Multiple Equilibria and Coordination Failures Case Study: Understanding a Development Miracle: China Part Two: Problems and Policies: Domestic 5. Poverty, Inequality, and Development Measuring Inequality and Poverty Measuring Inequality Measuring Absolute Poverty Poverty, Inequality, and Social Welfare What's So Bad about Inequality? Dualistic Development and Shifting Lorenz Curves: Some Stylized Typologies Kuznets' Inverted-U Hypothesis Growth and Inequality Absolute Poverty: Extent and Magnitude Growth and Poverty Economic Characteristics of Poverty Groups Rural Poverty Women and Poverty Ethnic Minorities, Indigenous Populations, and Poverty The Range of Policy Options: Some Basic Considerations Areas of Intervention Policy Options Summary and Conclusions: The Need for a Package of Policies Case Study: Making Microfinance Work for the Poor: The Grameen Bank of Bangladesh Appendix 5.1 Appropriate Technology and Employment Generation: The Price-Incentive Model Appendix 5.2 The Ahluwalia-Chenery Welfare Index. 6. Population Growth and Economic Development: Causes, Consequences, and Controversies The Basic Issue: Population Growth and the Quality of Life A Review of Numbers: Population Growth-Past, Present, and Future World Population Growth through History Structure of the World's Population The Hidden Momentum of Population Growth The Demographic Transition The Causes of High Fertility in Developing Countries: The Malthusian and Household Models The Malthusian Population Trap Criticisms of the Malthusian Model The Microeconomic Household Theory of Fertility The Demand for Children in Developing Countries Some Empirical Evidence Implications for Development and Fertility The Consequences of High Fertility: Some Conflicting Opinions Population Growth Is Not a Real Problem A Deliberately Contrived False Issue A Desirable Phenomenon Population Growth Is a Real Problem The Empirical Argument: Seven Negative Consequences of Population Growth Goals and Objectives: Toward a Consensus Some Policy Approaches What Developing Countries Can Do What the Developed Countries Can Do: Resources, Population, and the Global Environment How Developed Countries Can Assist Developing Countries with Their Population Programs Conclusion Case Study: Population, Poverty, and Development: China and India 7. Urbanization and Rural-Urban Migration: Theory and Policy The Migration and Urbanization Dilemma Urbanization: Trends and Projections The Role of Cities Industrial Districts Efficient Urban Scale The Urban Giantism Problem First City Bias Causes of Urban Giantism The Urban Informal Sector Policies for the Urban Informal Sector Women in the Informal Sector Urban Unemployment Migration and Development Toward an Economic Theory of Rural-Urban Migration A Verbal Description of the Todaro Model A Diagrammatic Presentation Five Policy Implications Summary and Conclusions: The Shape of a Comprehensive Migration and Employment Strategy Case Study: Rural Urban Migration and Urbanization in Developing Countries: India and Botswana Appendix 7.1 A Mathematical Formulation of the Todaro Migration Model 8. Human Capital: Education and Health in Economic Development The Central Roles of Education and Health Education and Health as Joint Investments for Development Improving Health and Education: Why Increasing Income Is Not Sufficient Investing in Education and Health: The Human Capital Approach Child Labor The Gender Gap: Women and Education Consequences of Gender Bias in Health and Education Educational Systems and Development Educational Supply and Demand: The Relationship between Employment Opportunities and Educational Demands Social versus Private Benefits and Costs Distribution of Education Education, Inequality, and Poverty Education, Internal Migration, and the Brain Drain Health Systems and Development Measurement and Distribution Disease Burden Malaria and Parasitic Worms HIV and AIDS Health and Productivity Health Systems Policy Policies for Health, Education, and Income Generation Case Study: AIDS-Economic Development Impact and the Needed Response: Uganda and South Africa 9. Agricultural Transformation and Rural Development The Imperative of Agricultural Progress and Rural Development Agricultural Growth: Past Progress and Current Challenges The Structure of Agrarian Systems in the Developing World Two Kinds of World Agriculture Peasant Agriculture in Latin America, Asia, and Africa Conclusions The Important Role of Women The Economics of Agricultural Development: Transition from Peasant Subsistence to Specialized Commercial Farming Subsistence Farming: Risk Aversion, Uncertainty, and Survival The Transition to Mixed and Diversified Farming From Divergence to Specialization: Modern Commercial Farming Conclusions Toward a Strategy of Agricultural and Rural Development: Some Main Requirements Improving Small-Scale Agriculture Conditions for Rural Development Case Study: Improving Agricultural Extension for Women Farmers: Kenya 10. The Environment and Development Economics and the Environment Environment and Development: The Basic Issues Sustainable Development and Environmental Accounting Population, Resources, and the Environment Poverty and the Environment Growth versus the Environment Rural Development and the Environment Urban Development and the Environment The Global Environment The Scope of Environmental Degradation: An Overview Rural Development and the Environment: A Tale of Two Villages Traditional Economic Models of the Environment Privately Owned Resources Common Property Resources Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem Limitations of the Public-Good Framework Urban Development and the Environment The Ecology of Urban Slums Industrialization and Urban Air Pollution Problems of Congestion and the Availability of Clean Water and Sanitation The Need for Policy Reform The Global Environment: Rain Forest Destruction and Greenhouse Gases Policy Options in Developing and Developed Countries What Less Developed Countries Can Do How Developed Countries Can Help LDCs What Developed Countries Can Do for the Global Environment Case Study: Economic Growth and Environmental Sustainability: The Philippines ; Elizabeth M. Remedio. 11. Development Policymaking and the Roles of Market, State, and Civil Society The Planning Mystique The Nature of Development Planning Basic Concepts Planning in Mixed Developing Economies The Rationale for Development Planning The Planning Process: Some Basic Models Aggregate Growth Models: Projecting Macro Variables Multisector Models and Sectoral Projections Project Appraisal and Social Cost-Benefit Analysis Conclusions: Planning Models and Plan Consistency Problems of Plan Implementation and Plan Failure Theory versus Practice Reasons for Plan Failure Government Failure and the Resurgent Preference for Markets over Planning The Market Economy Sociocultural Preconditions and Economic Requirements Role and Limitations of the Market in LDCs The "Washington Consensus" on the State in Development and Its Limitations Toward a New Consensus Development Political Economy: Theories of Policy Formulation and Reform Understanding Voting Patterns on Policy Reform Institutions and Path Dependency Democracy versus Autocracy: Which Facilitates Faster Growth? Development Roles of NGOs and the Broader Citizen Sector Trends in Governance and Reform Tackling the Problem of Corruption Decentralization Development Participation Development Policy and the State: Concluding Observations Case Study: A National Development NGO: The BRAC Model Part Three: Problems and Policies: International and Macro 12. Trade Theory and Development Experience Globalization: An Introduction International Trade and Finance: Some Key Issues Five Basic Questions about Trade and Development Importance of Exports to Different Developing Nations Demand Elasticities and Export Earnings Instability The Terms of Trade and the Prebisch-Singer Thesis The Traditional Theory of International Trade Comparative Advantage Relative Factor Endowments and International Specialization: The Neoclassical Model Trade Theory and Development: The Traditional Arguments Some Criticisms of Traditional Free-Trade Theory in the Context of Developing-Country Experience Fixed Resources, Full Employment, and the International Immobility of Capital and Skilled Labor Fixed, Freely Available Technology and Consumer Sovereignty Internal Factor Mobility and Perfect Competition: Increasing Returns, Imperfect Competition, and Controlled Markets The Absence of National Governments in Trading Relations Balanced Trade and International Price Adjustments Trade Gains Accruing to Nationals Some Conclusions on Trade Theory and Economic Development Strategy Case Study: Taiwan: A Development Success Story 13. The Trade Policy Debate: Export Promotion, Import Substitution, and Economic Integration Trade Strategies for Development: Export Promotion versus Import Substitution Export Promotion: Looking Outward and Seeing Trade Barriers Import Substitution: Looking Inward but Still Paying Outward The IS Industrialization Strategy and Results Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision Summary and Conclusions: Trade Optimists and Trade Pessimists Trade Pessimist Arguments Trade Optimist Arguments The Industrialization Strategy Approach to Export Policy Reconciling the Arguments: The Data and the Consensus South-South Trade and Economic Integration: Looking Outward and Inward The Growth of Trade among Developing Countries Economic Integration: Theory and Practice Regional Trading Blocs and the Globalization of Trade Trade Policies of Developed Countries: The Need for Reform Rich-Nation Tariff and Nontariff Trade Barriers and the 1995 Uruguay Round GATT Agreement Case Study: Industrial and Export Policy: South Korea 14. Balance of Payments, Developing-Country Debt, and the Macroeconomic Stabilization Controversy The Balance of Payments Account General Considerations A Hypothetical Illustration: Deficits and Debts Financing and Reducing Payments Deficits Some Initial Policy Issues Trends in LDC Balance of Payments The Debt Crisis of the 1980s Background and Analysis Origins of the Debt Crisis Attempts at Alleviation: Macroeconomic Instability, IMF Stabilization Policies, and Their Critics The IMF Stabilization Program Tactics for Debt Relief Has the Debt Problem Disappeared? Winners and Losers Conclusions Case Study: Mexico: Crisis, Debt Reduction, and the Struggle for Renewed Growth Appendix 14.1 A Brief History and Analysis of the International Monetary Fund and the World Bank 15. Foreign Finance, Investment, and Aid: Controversies and Opportunities The International Flow of Financial Resources Private Foreign Direct Investment and the Multinational Corporation Multinational Corporations: Size, Patterns, and Trends Private Foreign Investment: Some Pros and Cons for Development Private Portfolio Investment: Boon or Bane for LDCs? Foreign Aid: The Development Assistance Debate Conceptual and Measurement Problems Amounts and Allocations: Public Aid Why Donors Give Aid Why LDC Recipients Accept Aid The Growing Role of Nongovernmental Organizations (NGOs) The Effects of Aid Case Study: Botswana: African Success Story at Risk 16. Finance and Fiscal Policy for Development The Role of the Financial System The Painful Road to Macroeconomic Stability Differences between MDC and LDC Financial Systems The Role of Central Banks The Emergence of Development Banking Informal Finance, Group Lending, and Microfinance Institutions for Small-Scale Enterprise Reforming Financial Systems Financial Liberalization, Real Interest Rates, Savings, and Investment Financial Policy and the Role of the State Debate on the Role of the Stock Markets Fiscal Policy for Development Macrostability and Resource Mobilization Taxation: Direct and Indirect Public Administration: The Scarcest Resource State-Owned Enterprises Improving the Performance of SOEs Privatization: Theory and Experience Military Expenditures and Economic Development Significance and Economic Impact Case Study: Chile and Poland Privatization: What, When, and to Whom? 17. Some Critical Issues for the Twenty-First Century Global Independence and the Growth of Developing-World Markets The Global Environment and the Developing World Pollutants and Their Consequences for the Global Environment MDC and LDC Contributions to Greenhouse Gases Rain Forest Preservation as a Public Good: Who Should Pay? Searching for Solutions: The 1992, 1997, and 2002 Summits The Crisis in Sub-Saharan Africa Globalization and International Financial Reform Concluding Remarks Glossary Name Index Subject Index
Summary: What are the sources of economic development and long-term growth? Why are less developed countries poor, and what can they do about it? What is the role of foreign aid and fiscal policy in promoting development, and how might current systems be improved? Todaro and Smith pose these questions and then combine a problem-solving, policy-oriented approach with numerous case studies to teach students to evaluate current policies and issues.
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Includes index.

Part One: Principles and Concepts
1. Economics, Institutions, and Development: A Global Perspective
How the Other Half Live
Economics and Development Studies
The Nature of Development Economics
Why Study Development Economics? Some Critical Questions
The Important Role of Values in Development Economics
Economies as Social Systems: The Need to Go Beyond Simple Economics
What Do We Mean by Development?
Traditional Economic Measures
The New Economic View of Development
Sen's "Capabilities" Approach
Three Core Values of Development
The Three Objectives of Development
The Millennium Development Goals
Conclusions
Case Study: Progress in the Struggle for More Meaningful Development: Brazil
2. Comparative Development: Differences and Commonalities among Developing Countries
Defining the Developing World
The Structural Diversity of Developing Economies
Size and Income Level
Historical Background
Physical and Human Resources
Ethnic and Religious Composition
Relative Importance of the Public and Private Sectors and Civil Society
Industrial Structure
Political Structure, Power, and Interest Groups
Common Characteristics of Developing Nations
Low Levels of Living
A Holistic Measure of Living Levels: The Human Development Index
Low Levels of Productivity
High Rates of Population Growth and Dependency Burdens
Substantial Dependence on Agricultural Production and Primary-Product Exports
Prevalence of Imperfect Markets and Incomplete Information
Dependence and Vulnerability in International Relations
How Developing Countries Today Differ from Developed Countries in Their Earlier Stages
Physical and Human Resource Endowments
Relative Levels of Per Capita Income and GDP
Climatic Differences
Population Size, Distribution, and Growth
The Historical Role of International Migration
The Growth Stimulus of International Trade
Basic Scientific and Technological Research and Development Capabilities
Stability and Flexibility of Political and Social Institutions
Efficacy of Domestic Economic Institutions
Are Living Standards of Developing and Developed Countries Converging?
Conclusion
Case Study: Divergent Development: Pakistan and Bangladesh
Appendix 2.1 Components of Economic Growth
3. Classic Theories of Economic Development
Classic Theories of Economic Development: Four Approaches
Development as Growth and the Linear-Stages Theories
Rostow's Stages of Growth
The Harrod-Domar Growth Model
Obstacles and Constraints
Necessary versus Sufficient Conditions: Some Criticisms of the Stages Model
Structural-Change Models
The Lewis Theory of Development
Structural Change and Patterns of Development
Conclusions and Implications
The International-Dependence Revolution
The Neocolonial Dependence Model
The False-Paradigm Model
The Dualistic-Development Thesis
Conclusions and Implications
The Neoclassical Counterrevolution: Market Fundamentalism
Challenging the Statist Model: Free Markets, Public Choice, and Market-Friendly Approaches
Traditional Neoclassical Growth Theory
Conclusions and Implications
Classic Theories of Development: Reconciling the Differences
Case Study: Schools of Thought in Context: South Korea and Argentina
Appendix 3.1 The Solow Neoclassical Growth Model
4. Contemporary Models of Development and Underdevelopment
The New Growth Theory: Endogenous Growth
Motivation for the New Growth Theory
The Romer Model
Criticisms of the New Growth Theory
Underdevelopment as a Coordination Failure
Multiple Equilibria: A Diagrammatic Approach
Starting Economic Development: The Big Push
The Big Push: A Graphical Model
Why the Problem Cannot Be Solved by a Super-Entrepreneur
Further Problems of Multiple Equilibria
Kremer's O-Ring Theory of Economic Development
The O-Ring Model
Implications of the O-Ring Theory
Summary and Conclusions: Multiple Equilibria and Coordination Failures
Case Study: Understanding a Development Miracle: China
Part Two: Problems and Policies: Domestic
5. Poverty, Inequality, and Development
Measuring Inequality and Poverty
Measuring Inequality
Measuring Absolute Poverty
Poverty, Inequality, and Social Welfare
What's So Bad about Inequality?
Dualistic Development and Shifting Lorenz Curves: Some Stylized Typologies
Kuznets' Inverted-U Hypothesis
Growth and Inequality
Absolute Poverty: Extent and Magnitude
Growth and Poverty
Economic Characteristics of Poverty Groups
Rural Poverty
Women and Poverty
Ethnic Minorities, Indigenous Populations, and Poverty
The Range of Policy Options: Some Basic Considerations
Areas of Intervention
Policy Options
Summary and Conclusions: The Need for a Package of Policies
Case Study: Making Microfinance Work for the Poor: The Grameen Bank of Bangladesh
Appendix 5.1 Appropriate Technology and Employment Generation: The Price-Incentive Model
Appendix 5.2 The Ahluwalia-Chenery Welfare Index. 6. Population Growth and Economic Development: Causes, Consequences, and Controversies
The Basic Issue: Population Growth and the Quality of Life
A Review of Numbers: Population Growth-Past, Present, and Future
World Population Growth through History
Structure of the World's Population
The Hidden Momentum of Population Growth
The Demographic Transition
The Causes of High Fertility in Developing Countries: The Malthusian and Household Models
The Malthusian Population Trap
Criticisms of the Malthusian Model
The Microeconomic Household Theory of Fertility
The Demand for Children in Developing Countries
Some Empirical Evidence
Implications for Development and Fertility
The Consequences of High Fertility: Some Conflicting Opinions
Population Growth Is Not a Real Problem
A Deliberately Contrived False Issue
A Desirable Phenomenon
Population Growth Is a Real Problem
The Empirical Argument: Seven Negative Consequences of Population Growth
Goals and Objectives: Toward a Consensus
Some Policy Approaches
What Developing Countries Can Do
What the Developed Countries Can Do: Resources, Population, and the Global Environment
How Developed Countries Can Assist Developing Countries with Their Population Programs
Conclusion
Case Study: Population, Poverty, and Development: China and India
7. Urbanization and Rural-Urban Migration: Theory and Policy
The Migration and Urbanization Dilemma
Urbanization: Trends and Projections
The Role of Cities
Industrial Districts
Efficient Urban Scale
The Urban Giantism Problem
First City Bias
Causes of Urban Giantism
The Urban Informal Sector
Policies for the Urban Informal Sector
Women in the Informal Sector
Urban Unemployment
Migration and Development
Toward an Economic Theory of Rural-Urban Migration
A Verbal Description of the Todaro Model
A Diagrammatic Presentation
Five Policy Implications
Summary and Conclusions: The Shape of a Comprehensive Migration and Employment Strategy
Case Study: Rural Urban Migration and Urbanization in Developing Countries: India and Botswana
Appendix 7.1 A Mathematical Formulation of the Todaro Migration Model
8. Human Capital: Education and Health in Economic Development
The Central Roles of Education and Health
Education and Health as Joint Investments for Development
Improving Health and Education: Why Increasing Income Is Not Sufficient
Investing in Education and Health: The Human Capital Approach
Child Labor
The Gender Gap: Women and Education
Consequences of Gender Bias in Health and Education
Educational Systems and Development
Educational Supply and Demand: The Relationship between Employment Opportunities and Educational Demands
Social versus Private Benefits and Costs
Distribution of Education
Education, Inequality, and Poverty
Education, Internal Migration, and the Brain Drain
Health Systems and Development
Measurement and Distribution
Disease Burden
Malaria and Parasitic Worms
HIV and AIDS
Health and Productivity
Health Systems Policy
Policies for Health, Education, and Income Generation
Case Study: AIDS-Economic Development Impact and the Needed Response: Uganda and South Africa
9. Agricultural Transformation and Rural Development
The Imperative of Agricultural Progress and Rural Development
Agricultural Growth: Past Progress and Current Challenges
The Structure of Agrarian Systems in the Developing World
Two Kinds of World Agriculture
Peasant Agriculture in Latin America, Asia, and Africa
Conclusions
The Important Role of Women
The Economics of Agricultural Development: Transition from Peasant Subsistence to Specialized Commercial Farming
Subsistence Farming: Risk Aversion, Uncertainty, and Survival
The Transition to Mixed and Diversified Farming
From Divergence to Specialization: Modern Commercial Farming
Conclusions
Toward a Strategy of Agricultural and Rural Development: Some Main Requirements
Improving Small-Scale Agriculture
Conditions for Rural Development
Case Study: Improving Agricultural Extension for Women Farmers: Kenya
10. The Environment and Development
Economics and the Environment
Environment and Development: The Basic Issues
Sustainable Development and Environmental Accounting
Population, Resources, and the Environment
Poverty and the Environment
Growth versus the Environment
Rural Development and the Environment
Urban Development and the Environment
The Global Environment
The Scope of Environmental Degradation: An Overview
Rural Development and the Environment: A Tale of Two Villages
Traditional Economic Models of the Environment
Privately Owned Resources
Common Property Resources
Public Goods and Bads: Regional Environmental Degradation and the Free-Rider Problem
Limitations of the Public-Good Framework
Urban Development and the Environment
The Ecology of Urban Slums
Industrialization and Urban Air Pollution
Problems of Congestion and the Availability of Clean Water and Sanitation
The Need for Policy Reform
The Global Environment: Rain Forest Destruction and Greenhouse Gases
Policy Options in Developing and Developed Countries
What Less Developed Countries Can Do
How Developed Countries Can Help LDCs
What Developed Countries Can Do for the Global Environment
Case Study: Economic Growth and Environmental Sustainability: The Philippines ; Elizabeth M. Remedio. 11. Development Policymaking and the Roles of Market, State, and Civil Society
The Planning Mystique
The Nature of Development Planning
Basic Concepts
Planning in Mixed Developing Economies
The Rationale for Development Planning
The Planning Process: Some Basic Models
Aggregate Growth Models: Projecting Macro Variables
Multisector Models and Sectoral Projections
Project Appraisal and Social Cost-Benefit Analysis
Conclusions: Planning Models and Plan Consistency
Problems of Plan Implementation and Plan Failure
Theory versus Practice
Reasons for Plan Failure
Government Failure and the Resurgent Preference for Markets over Planning
The Market Economy
Sociocultural Preconditions and Economic Requirements
Role and Limitations of the Market in LDCs
The "Washington Consensus" on the State in Development and Its Limitations
Toward a New Consensus
Development Political Economy: Theories of Policy Formulation and Reform
Understanding Voting Patterns on Policy Reform
Institutions and Path Dependency
Democracy versus Autocracy: Which Facilitates Faster Growth?
Development Roles of NGOs and the Broader Citizen Sector
Trends in Governance and Reform
Tackling the Problem of Corruption
Decentralization
Development Participation
Development Policy and the State: Concluding Observations
Case Study: A National Development NGO: The BRAC Model
Part Three: Problems and Policies: International and Macro
12. Trade Theory and Development Experience
Globalization: An Introduction
International Trade and Finance: Some Key Issues
Five Basic Questions about Trade and Development
Importance of Exports to Different Developing Nations
Demand Elasticities and Export Earnings Instability
The Terms of Trade and the Prebisch-Singer Thesis
The Traditional Theory of International Trade
Comparative Advantage
Relative Factor Endowments and International Specialization: The Neoclassical Model
Trade Theory and Development: The Traditional Arguments
Some Criticisms of Traditional Free-Trade Theory in the Context of Developing-Country Experience
Fixed Resources, Full Employment, and the International Immobility of Capital and Skilled Labor
Fixed, Freely Available Technology and Consumer Sovereignty
Internal Factor Mobility and Perfect Competition: Increasing Returns, Imperfect Competition, and Controlled Markets
The Absence of National Governments in Trading Relations
Balanced Trade and International Price Adjustments
Trade Gains Accruing to Nationals
Some Conclusions on Trade Theory and Economic Development Strategy
Case Study: Taiwan: A Development Success Story
13. The Trade Policy Debate: Export Promotion, Import Substitution, and Economic Integration
Trade Strategies for Development: Export Promotion versus Import Substitution
Export Promotion: Looking Outward and Seeing Trade Barriers
Import Substitution: Looking Inward but Still Paying Outward
The IS Industrialization Strategy and Results
Foreign-Exchange Rates, Exchange Controls, and the Devaluation Decision
Summary and Conclusions: Trade Optimists and Trade Pessimists
Trade Pessimist Arguments
Trade Optimist Arguments
The Industrialization Strategy Approach to Export Policy
Reconciling the Arguments: The Data and the Consensus
South-South Trade and Economic Integration: Looking Outward and Inward
The Growth of Trade among Developing Countries
Economic Integration: Theory and Practice
Regional Trading Blocs and the Globalization of Trade
Trade Policies of Developed Countries: The Need for Reform
Rich-Nation Tariff and Nontariff Trade Barriers and the 1995 Uruguay Round GATT Agreement
Case Study: Industrial and Export Policy: South Korea
14. Balance of Payments, Developing-Country Debt, and the Macroeconomic Stabilization Controversy
The Balance of Payments Account
General Considerations
A Hypothetical Illustration: Deficits and Debts
Financing and Reducing Payments Deficits
Some Initial Policy Issues
Trends in LDC Balance of Payments
The Debt Crisis of the 1980s
Background and Analysis
Origins of the Debt Crisis
Attempts at Alleviation: Macroeconomic Instability, IMF Stabilization Policies, and Their Critics
The IMF Stabilization Program
Tactics for Debt Relief
Has the Debt Problem Disappeared? Winners and Losers
Conclusions
Case Study: Mexico: Crisis, Debt Reduction, and the Struggle for Renewed Growth
Appendix 14.1 A Brief History and Analysis of the International Monetary Fund and the World Bank
15. Foreign Finance, Investment, and Aid: Controversies and Opportunities
The International Flow of Financial Resources
Private Foreign Direct Investment and the Multinational Corporation
Multinational Corporations: Size, Patterns, and Trends
Private Foreign Investment: Some Pros and Cons for Development
Private Portfolio Investment: Boon or Bane for LDCs?
Foreign Aid: The Development Assistance Debate
Conceptual and Measurement Problems
Amounts and Allocations: Public Aid
Why Donors Give Aid
Why LDC Recipients Accept Aid
The Growing Role of Nongovernmental Organizations (NGOs)
The Effects of Aid
Case Study: Botswana: African Success Story at Risk
16. Finance and Fiscal Policy for Development
The Role of the Financial System
The Painful Road to Macroeconomic Stability
Differences between MDC and LDC Financial Systems
The Role of Central Banks
The Emergence of Development Banking
Informal Finance, Group Lending, and Microfinance Institutions for Small-Scale Enterprise
Reforming Financial Systems
Financial Liberalization, Real Interest Rates, Savings, and Investment
Financial Policy and the Role of the State
Debate on the Role of the Stock Markets
Fiscal Policy for Development
Macrostability and Resource Mobilization
Taxation: Direct and Indirect
Public Administration: The Scarcest Resource
State-Owned Enterprises
Improving the Performance of SOEs
Privatization: Theory and Experience
Military Expenditures and Economic Development
Significance and Economic Impact
Case Study: Chile and Poland Privatization: What, When, and to Whom?
17. Some Critical Issues for the Twenty-First Century
Global Independence and the Growth of Developing-World Markets
The Global Environment and the Developing World
Pollutants and Their Consequences for the Global Environment
MDC and LDC Contributions to Greenhouse Gases
Rain Forest Preservation as a Public Good: Who Should Pay?
Searching for Solutions: The 1992, 1997, and 2002 Summits
The Crisis in Sub-Saharan Africa
Globalization and International Financial Reform
Concluding Remarks
Glossary
Name Index
Subject Index

What are the sources of economic development and long-term growth? Why are less developed countries poor, and what can they do about it? What is the role of foreign aid and fiscal policy in promoting development, and how might current systems be improved? Todaro and Smith pose these questions and then combine a problem-solving, policy-oriented approach with numerous case studies to teach students to evaluate current policies and issues.

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