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Fifty years of economic development: what have we learned? (English)

Economic development, as distinct from mere economic growth, combines: self-sustaining growth; structural change in patterns of production; technological upgrading; social, political and institutional modernization; and widespread improvement in the human condition. Modernization theorists have added social and political development to the list of transformations that development entails while the deficient entrepreneurship school has added socio cultural evolution to the necessary aspects of development. When the notion of "development " is used in this sense, less than half a dozen countries, mostly East Asian, have traveled the whole path from underdeveloped to developed. since the end of World War Two. Others have progressed part-way. The semi-industrial countries have achieved substantial transformation of their patterns of production, gone part-way in increasing the sway of markets and the democratization of their political institutions but failed to share the benefits of growth widely. And the Sub Saharan countries have accomplished some growth in human capital and infrastructure but are still relying on primary production and its processing for whatever growth they attain, if any.

Details

  • Document Date

    2000/06/26

  • Document Type

    Working Paper

  • Report Number

    28737

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2010/07/01

  • Doc Name

    Fifty years of economic development: what have we learned?

  • Keywords

    comparative advantage;social capital;factor of production;dynamic comparative advantage;Primary and Secondary Education;investment in human resources;egalitarian distribution of wealth;management of capital flow;production of consumer good;per capita income growth;real rate of interest;share of income;per capita gnp;patterns of production;rate of growth;composition of output;development policy;social and institutional;soft budget constraint;degree of autonomy;foreign exchange allocation;economies of scale;economies of agglomeration;liberalization of trade;level of performance;production and export;effects on income;distributions of income;expenditure education;agriculture and industry;loss of competitiveness;growth and development;finance for investment;capital output ratio;primary enrollment rate;implications for development;long term development;domestic price level;globalization of production;national saving rate;economies of scope;alternative development paths;process of democratization;types of firms;endogenous growth model;human resource development;effect of transfer;free rider problem;cross country regression;capital labor ratio;current account deficit;rate of change;country of origin;distribution of ownership;redistributive land reform;universal primary education;degree of corruption;distribution of land;consumer goods production;state owned enterprise;urban middle class;import substitution policy;ethnic civil wars;safe working environment;total factor productivity;share of benefit;process of development;terms of trade;degree of homogeneity;Type of Investment;owners of capital;capital intensive growth;global economic growth;globalization of trade;political institution;human capital;institutional change;economic institution;market reform;heavy industry;policy prescriptions;classical economist;industrial revolution;capital-intensive industries;production pattern;socio-economic development;social capability;social cohesion;commercial policy;Natural Resources;agricultural productivity;industrial country;labor-intensive industry;technological change;raw material;social change;political development;demographic change;short period;civil society;economic historian;Population Growth;labor-intensive growth;business cycle;social structure;path dependence;Exchange Rates;state intervention;export incentive;wage differential;increasing return;dynamic change;financial crisis;Macroeconomic Management;market institution;social factor;urban worker;political power;empirical evidence;industrialization effort;Land tenure;entrepreneurial attitude;tax incentive;Macroeconomic Policy;Manufacturing;worldwide recession;International Trade;international specialization;social obstacle;labor-intensive export;political autonomy;import-substitution policies;oil refinery;domestic crisis;Investment strategies;steel production;Trade Policy;cultural attitude;petrochemical industry;public spiritedness;domestic sale;input use;world demand;entrepreneurship school;ceteris paribus;coal briquette;external influence;indigenous skills;production structure;international demand;agricultural economy;investment resource;structural adjustment;investment pattern;domestic saving;human condition;average process;light industry;Trade Policies;lower-income household;private communication;credible commitment;balanced growth;political influence;terrorist activity;political instability;aggregate demand;political participation;enhanced competition;manufacturing activities;government expenditure;import regime;debt crisis;political landscape;adjustment pattern;foreign assistance;subsidized rate;Oil Refining;investment program;profit maximization;cultural evolution;investment rate;foreign interest;adjustment problem;wage policy;aggressive investment;import license;significant factor;domestic good;local output;net capital;engineering industry;government intervention;textile industry;moral hazard;equity problem;primary production;input price;communist party;political structure

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Citation

Fifty years of economic development: what have we learned? (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/625131468761704307/Fifty-years-of-economic-development-what-have-we-learned