Whatever Happened to the Third World?: A History of the Economics of Development

Preface
Acknowledgments
Contents
List of Figures
List of Tables
Chapter 1: Introduction
	1.1 Introduction
	1.2 Global Economic Development
		1.2.1 Growth Patterns of Developing Countries
		1.2.2 The Gap Between Rich and Poor Countries
		1.2.3 Inequality Within Countries
		1.2.4 What Happened to the Third World
			The Middle-Income Trap
			Low-Income Countries and Fragile States
		1.2.5 The Evolution of Development Economics
			The First Generation
			The Second Generation
			A Third Generation?
				Institutions Matter
				History Matters as Well
				New Economic Geography
		1.2.6 Trade, Globalisation and Developnment
			International Trade Theories
			Globalisation
			International Trade Institutions
				GATT
				UNCTAD
				WTO
			Regional Trade Agreements
			How Developing Countries Fared
			How to Ward Off Protectionism
	1.3 Conclusions
	References
Chapter 2: Whatever Happened to the Third World
	2.1 Introduction
	2.2 The Evolution of the Third World in Figures
		2.2.1 Trends
	2.3 Trends in the Four Developing Regions
		2.3.1 Asia
		2.3.2 Latin America
		2.3.3 Sub-Saharan Africa
		2.3.4 The Middle East and North Africa
	2.4 Categories of Countries
		2.4.1 An Asian Success Story
		2.4.2 The Middle-Income Trap
			Slowdowns
			Dissenters
			Alternative Approaches
			Skipping Industrialisation
		2.4.3 Low-Income Countries and Failed States
			Damage Done
			What Can Be Done?
	Appendix 1: Lee Kuan Yew’s Singapore
		Introduction
		Success Factors
		Employment and Education
		Anticorruption
		Welfare
		Democracy and Development
	Appendix 2: The Middle-Income Trap in Figures
	References
Chapter 3: What Preceded Development Economics
	3.1 Introduction
	3.2 What Scholars Thought About Development Before World War II
	3.3 Civilisation and Climate
	3.4 Dualism
	3.5 The Role of Geography Revisited
	3.6 Dualism Lives On
	References
Chapter 4: The First Generation of Development Economists
	4.1 Introduction
	4.2 The Main Characteristics of the First Generation’s Proposals
		4.2.1 The Role of Government
		4.2.2 Development Planning
		4.2.3 Balanced and Unbalanced Growth
		4.2.4 The Crucial Role of Savings
		4.2.5 Foreign Aid
		4.2.6 Almighty Government?
	4.3 The Harrod-Domar Model
	4.4 The First Generation in More Detail
		4.4.1 Paul Rosenstein-Rodan
		4.4.2 Ragnar Nurkse
		4.4.3 William Arthur Lewis
		4.4.4 Simon Kuznets
			Quantitative Aspects of Economic Growth of Nations: VIII—Distribution of Income by Size32
		4.4.5 Walt Whitman Rostow
			What Next?
		4.4.6 Hollis Chenery
	4.5 Dissenters
		4.5.1 The Dirigiste Dogma
		4.5.2 Failed Industrialisation
		4.5.3 The Financing Gap and Aid
	4.6 Conclusion
	4.7 Development Theories in the Marxist Tradition
	References
Chapter 5: The Second Generation of Development Economists
	5.1 Introduction
	5.2 The Philosophy
	5.3 The Washington Consensus
	5.4 Growth Theories Revisited
		5.4.1 From Harrod-Domar to Solow
		5.4.2 New Endogenous Growth Theory
			5.4.2.1 Convergence
	5.5 Empirical Studies
	5.6 Asia and sub-Saharan Africa Compared
	5.7 Dissenters
	5.8 The Best of the Two Generations
		5.8.1 The East Asian Miracle
			Common Threads
			Getting the Basics Right
			The Role of Government
			Institutions
			Comments
	5.9 Conclusion
	References
Chapter 6: Main Components of the Third Generation
	6.1 Introduction
	6.2 New Institutional Economics
		6.2.1 The Role of Institutions
		6.2.2 Path Dependency
		6.2.3 Transaction Costs
		6.2.4 Property Rights
		6.2.5 Types of Societies
		6.2.6 Why Nations Fail
		6.2.7 Institutions and Geography
		6.2.8 Markets Require Institutions
		6.2.9 Measurement Challenges
		6.2.10 Chicken and Egg
		6.2.11 Democracy, Autocracy and Institutions
		6.2.12 Conclusion
	6.3 Economic History
		6.3.1 From Stagnation to Growth: Unified Growth Theory
		6.3.2 Demographic Transition in Less-Developed Countries
		6.3.3 Unified Growth Theory
		6.3.4 Unified Evolutionary Growth Theory
		6.3.5 Differential Takeoffs and the Great Divergence
		6.3.6 Conclusions
	6.4 Long-Term Economic Growth and the History of Technology
		6.4.1 A Historical Theory of Technology
		6.4.2 The Intellectual Roots of the Industrial Revolution
		6.4.3 The Emergence of Technological Modernity
		6.4.4 Institutions and Technological Progress
		6.4.5 Technology, Growth, and the Rise of the Occident
		6.4.6 Conclusion
	6.5 New Economic Geography
		6.5.1 Increasing Returns and Economic Geography
		6.5.2 Reshaping Economic Geography
		6.5.3 Does the Report Reshape Economic Geography?
		6.5.4 Conclusion
	6.6 Overall Conclusion
	Appendix: Population Issues
		Falling Fertility Rates
		Demographic Dividend
	References
Chapter 7: Trade, Globalisation and Development
	7.1 Introduction
	7.2 International Trade Theories
	7.3 Globalisation
		7.3.1 The Downside of Globalisation
	7.4 The Institutions of Multilateralism
		7.4.1 GATT
		7.4.2 UNCTAD
			Prebisch and UNCTAD
			UNCTAD II
			Beyond UNCTAD II
		7.4.3 GATT, UNCTAD, and the WTO
			The Kennedy Round
			The Uruguay Round
		7.4.4 WTO
		7.4.5 Regional Trade Agreements
	7.5 How Developing Countries Fared
		7.5.1 Trade Liberalisation and Poverty Reduction
		7.5.2 Income Distribution
		7.5.3 No Level Playing Field
		7.5.4 Renewed Protectionism
		7.5.5 How to Ward Off Protectionism
	7.6 Conclusions
	References
Epilogue
Index