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• ECONOMIC DEVELOPMENT: Fifth Edition
• Title
• Copyright
• Dedication
• Contents
• Preface to the Fifth Edition
• Abbreviations and Measures
• Abbreviations
• Measures
• PART ONE. PRINCIPLES AND CONCEPTS OF DEVELOPMENT
• 1 How the Other Two-Thirds Live
• Nature and Scope of the Text
• Organization of the Text
• How the Poorest Two-Thirds Live
• INEQUALITY BETWEEN THE WORLD’S RICH AND POOR
• PURCHASING POWER PARITY
• COMPARISONS BETWEEN DEVELOPED AND LESS DEVELOPED COUNTRIES
• Globalization, Outsourcing, and Information Technology
• India’s and Asia’s Golden Age of Development
• ASIA’S COMPETITION AND AMERICAN PROTESTS
• Which Is the Major Motor of Global Economic Growth: America or Asia?
• Critical Questions in Development Economics
• QUESTIONS TO DISCUSS
• TERMS TO REVIEW
• GUIDE TO READING
• 2 What Is Economic Development?
• Scope of the Chapter
• GROWTH AND DEVELOPMENT
• CLASSIFICATION OF COUNTRIES
• PROBLEMS WITH USING THE GROSS NATIONAL PRODUCT TO MAKE COMPARISONS OVER TIME
• PROBLEMS IN COMPARING DEVELOPED AND DEVELOPING COUNTRIES’ GROSS NATIONAL PRODUCT
• COMPARISON-RESISTANT SERVICES
• PURCHASING POWER PARITY
• MEASUREMENT ERRORS FOR GROSS NATIONAL PRODUCT OR GROSS DOMESTIC PRODUCT ADJUSTED FOR PURCHASING POWE
• A BETTER MEASURE OF ECONOMIC DEVELOPMENT?
• WEIGHTED INDICES FOR GROSS NATIONAL PRODUCT GROWTH
• “BASIC NEEDS” ATTAINMENT
• DEVELOPMENT AS FREEDOM AND LIBERATION
• SMALL IS BEAUTIFUL
• ARE ECONOMIC GROWTH AND DEVELOPMENT WORTHWHILE?
• CONCLUSION
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 3 Economic Development in Historical Perspective
• Scope of the Chapter
• An Evolutionary Biological Approach to Development
• Ancient and Medieval Economic Growth
• World Leaders in Gross Domestic Product Per Capita, 1500 to the Present
• Beginnings of Sustained Economic Growth
• The West and Afro–Asia: The Nineteenth Century and Today
• Capitalism and Modern Western Economic Development
• Economic Modernization in the Non-Western World
• The Japanese Development Model7
• The Korean–Taiwanese Model
• THE RUSSIAN–SOVIET DEVELOPMENT MODEL
• CHINA’S MARKET SOCIALISM
• Lessons from Non-Western Models
• Growth in the Last 100 to 150 Years
• The Power of Exponential Growth – The United States and Canada: The Late Nineteenth and Twentieth
• The Golden Age of Growth
• Economic Growth in Europe and Japan after World War II
• Recent Economic Growth in Developing Countries
• RAPID AND SLOW GROWERS
• Regions of the World
• The Convergence Controversy
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 4 Characteristics and Institutions of Developing Countries
• Scope of the Chapter
• Varying Income Inequality
• Political Framework
• VARYING POLITICAL SYSTEMS
• A SMALL POLITICAL ELITE
• LOW POLITICAL INSTITUTIONALIZATION
• EXPERIENCE OF WESTERN DOMINATION
• AN EXTENDED FAMILY
• PEASANT AGRICULTURAL SOCIETIES
• A Large Proportion of the Labor Force in Agriculture
• A Large Proportion of Output in Agriculture
• Inadequate Technology and Capital
• Low Saving Rates
• A Dual Economy
• Varying Dependence on International Trade
• Rapid Population Growth
• Low Literacy and School Enrollment Rates
• An Unskilled Labor Force
• Poorly Developed Economic and Political Institutions
• INSTITUTIONS
• Insufficient State Tax Collections and Provision of Basic Services
• LACK OF TRANSPARENCY
• POOR GOVERNANCE: DEMOCRATIC AND AUTHORITARIAN REGIMES
• RENT SEEKING
• INSECURE PROPERTY RIGHTS
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 5 Theories of Economic Development
• Scope of the Chapter
• The Classical Theory of Economic Stagnation
• MODEL
• CRITIQUE
• Marx’s Historical Materialism
• THEORY
• CRITIQUE
• Rostow’s Stages of Economic Growth
• FIVE STAGES
• PRECONDITIONS STAGE
• TAKEOFF
• DRIVE TO MATURITY
• AGE OF HIGH MASS CONSUMPTION
• CRITIQUE
• Vicious Circle Theory
• SUPPLY SIDE
• DEMAND SIDE
• INSUFFICIENT SAVING: A CRITIQUE
• SMALL MARKETS: A CRITIQUE
• Balanced versus Unbalanced Growth
• BALANCED GROWTH
• BIG PUSH THESIS
• THE MURPHY–SHLEIFER–VISHNY MODEL
• CRITIQUE OF BALANCED GROWTH
• HIRSCHMAN’S STRATEGY OF UNBALANCE
• CRITIQUE OF UNBALANCED GROWTH
• Coordination Failure: The O-Ring Theory of Economic Development
• The Lewis–Fei–Ranis Model
• THE LEWIS MODEL
• CRITIQUE
• THE FEI–RANIS MODIFICATION
• APPLICATION OF THE LEWIS–FEI–RANIS MODEL TO JAPAN
• Baran’s Neo-Marxist Thesis
• THESIS
• CRITIQUE
• Dependency Theory
• CRITIQUE
• The Neoclassical Counterrevoluation
• The Neoclassical Growth Theory
• CRITIQUE
• The New (Endogenous) Growth Theory
• CRITIQUE
• A Trial-by-Error Approach: Turning Research into Action
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• Appendix to Chapter 5: The Harrod–Domar Model
• The Harrod–Domar Model and Capital Requirements
• PART TWO. POVERTY ALLEVIATION AND INCOME DISTRIBUTION
• 6 Poverty, Malnutrition, and Income Inequality
• Information Sparsity
• Scope of the Chapter
• Poverty as Multidimensional
• $1 or $1.25/Day and $2/Day Poverty
• Regional Poverty
• Concepts and Measures of Poverty: Sen’s Approach
• Reddy and Pogge’s Critique of the World Bank’s Approach
• The Lorenz Curve and Gini Index (G): Measures of the Distribution of Income
• The World Bank, Milanovic, and Their Critics: Views of Poverty and Inequality
• Early and Late Stages of Development
• Low-, Middle-, and High-Income Countries
• INCOME INEQUALITY IN DEVELOPED AND DEVELOPING COUNTRIES
• Slow and Fast Growers
• Women, Poverty, Inequality, and Male Dominance
• Accompaniments of Absolute Poverty
• Identifying Poverty Groups
• Case Studies of Countries
• INDONESIA AND NIGERIA
• MALAYSIA, PAKISTAN, AND BRAZIL
• INDIA
• Policies to Reduce Poverty and Income Inequality
• CAPITAL AND CREDIT
• EDUCATION AND TRAINING
• EMPLOYMENT PROGRAMS
• HEALTH AND NUTRITION
• POPULATION PROGRAMS
• RESEARCH AND TECHNOLOGY
• MIGRATION
• TAXES
• TRANSFERS AND SUBSIDIES
• EMPHASIS ON TARGET GROUP
• WORKFARE
• Integrated War on Poverty
• ADJUSTMENT PROGRAMS
• Income Equality Versus Growth
• Poverty, Inequality, and War
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 7 Rural Poverty and Agricultural Transformation
• Scope of the Chapter
• Agriculture’s Role in Transforming the Economy
• Major Rural Groups in Poverty
• Rural Poverty by World Region
• Rural and Agricultural Development
• Rural–Urban Differentials in Nineteenth-Century Europe and Contemporary Less-Developed Countries
• Agricultural Productivity in Developed Countries and Less-Developed Countries
• The Evolution of Agriculture in Less-Developed Countries
• Multinational Corporations and Contract Farming
• Growth of Average Food Production in sub-Saharan Africa, Other Less-Developed Countries, and Develop
• FOOD DEFICITS AND INSECURITY IN SUB-SAHARAN AFRICA
• POOR AGRICULTURAL POLICIES AND INSTITUTIONAL FAILURES IN SUB-SAHARAN AFRICA
• Food in India and China
• Less-Developed Countries’ Food Deficits
• Food Output and Demand Growth
• Fish, Meat, and Grains
• Factors Contributing to Low Income and Poverty in Rural Areas
• LACK OF RESOURCES AND TECHNOLOGY
• CONCENTRATION OF CAPITAL, LAND, AND TECHNOLOGY
• LOW EDUCATIONAL AND SKILL LEVELS
• RURAL–URBAN MIGRATION
• POLICIES OF URBAN BIAS
• SEASONAL POVERTY AND HUNGER
• VULNERABILITY OF THE RURAL POOR
• Policies to Increase Rural Income and Reduce Poverty
• AGRARIAN REFORM AND LAND REDISTRIBUTION
• SECURE PROPERTY AND USUFRUCT RIGHTS
• CAPITAL
• CREDIT
• RESEARCH AND TECHNOLOGY
• EXTENSION SERVICES
• ACCESS TO WATER AND OTHER INPUTS
• TRANSPORT
• MARKETING AND STORAGE
• PRICE AND EXCHANGE RATE POLICIES
• IMPROVING RURAL SERVICES
• COOPERATIVE AND COLLECTIVE FARMS
• COLLECTIVE FARMS OR COMMUNES
• RURAL INDUSTRY
• POLITICAL CONSTRAINTS
• Agricultural Biotechnology
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• PART THREE. FACTORS OF GROWTH
• 8 Population and Development
• The Production Function
• Scope of the Chapter
• World Population throughout History
• Population Growth in Developed and Developing Countries
• World Population: Rapid but Decelerating Growth
• The Demographic Transition
• Stage 1: High Fertility and Mortality
• Stage 2: Declining Mortality
• Stage 3: Declining Fertility
• THE DEMOGRAPHIC TRANSITION IN THE EARLY TWENTY-FIRST CENTURY
• Beyond Stage 4: A Stationary Population
• Is Population Growth an Obstacle to Economic Development?
• Population and Food
• PRESENT AND FUTURE POPULATION-FOOD BALANCE
• FOOD RESEARCH AND TECHNOLOGY
• FOOD DISTRIBUTION
• ENERGY LIMITATIONS
• A RECAPITULATION
• Urbanization and Congestion
• Rapid Labor Force Growth and Increasing Unemployment
• The Dependency Ratio
• Strategies for Reducing Fertility
• Birth Control Programs
• MODERN CONTRACEPTIVES
• FAMILY-PLANNING PROGRAMS
• NEGATIVE EXTERNALITIES IN CHILDBEARING
• COST-EFFECTIVENESS OF FAMILY-PLANNING PROGRAMS
• MOTIVATION TO LIMIT FAMILY SIZE
• Socioeconomic Development
• CHILDREN IN A PEASANT SOCIETY
• INCOME DISTRIBUTION
• RELIGION
• A SUMMARY OF VARIABLES
• THE ROLE OF WOMEN
• Development or Family Planning?
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 9 Employment, Migration, and Urbanization
• Employment Problems in Less-Developed Countries
• Scope of the Chapter
• Dimensions of Unemployment and Underemployment
• Underutilized Labor
• Labor Force Growth, Urbanization, and Industrial Expansion
• Disguised Unemployment
• Rural–Urban Migration
• THE LEWIS MODEL
• The Harris–Todaro Model
• Criticisms of the Harris–Todaro Model
• The Effect of Other Amenities
• Western Approaches to Unemployment
• Causes of Unemployment in Developing Countries
• THE UNSUITABILITY OF TECHNOLOGY
• FACTOR PRICE DISTORTIONS
• Unemployment among the Educated
• Policies for Reducing Unemployment
• POPULATION POLICIES
• POLICIES TO DISCOURAGE RURAL–URBAN MIGRATION
• APPROPRIATE TECHNOLOGY
• POLICIES TO REDUCE FACTOR PRICE DISTORTION
• EDUCATIONAL POLICY
• GROWTH-ORIENTED POLICIES
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 10 Education, Health, and Human Capital
• Scope of the Chapter
• Investment in Human Capital
• Economic Returns to Education
• Noneconomic Benefits of Education
• Education as Screening
• Education and Equality
• Education and Political Discontent
• Secondary and Higher Education
• Education via Electronic Media
• Planning for Specialized Education and Training
• Achieving Consistency in Planning Educated People
• Vocational and Technical Skills
• Reducing the Brain Drain
• Socialization and Motivation
• COMMITMENT TO WORK
• ATTITUDES TOWARD MANUAL WORK
• CREATIVITY AND SELF-RELIANCE
• HEALTH AND PHYSICAL CONDITION
• Mortality and Disability
• AIDS
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 11 Capital Formation, Investment Choice, Information Technology, and Technical Progress
• Scope of the Chapter
• Capital Formation and Technical Progress as Sources of Growth
• Components of the Residual
• Learning by Doing
• Growth as a Process of Increase in Inputs
• The Cost of Technical Knowledge
• Research, Invention, Development, and Innovation
• Computers, Electronics, and Information Technology
• Investment Criteria
• MAXIMUM LABOR ABSORPTION
• SOCIAL BENEFIT-TO-COST ANALYSIS
• WHAT DISCOUNT RATE TO USE?
• RISK AND UNCERTAINTY
• DIFFERENCES BETWEEN SOCIAL AND PRIVATE BENEFIT–COST CALCULATIONS
• EXTERNAL ECONOMIES
• DISTRIBUTIONAL WEIGHTS
• INDIVISIBILITIES
• Monopoly
• Saving and Reinvestment
• Factor Price Distortions
• SHADOW PRICES
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 12 Entrepreneurship, Organization, and Innovation
• Scope of the Chapter
• Entrepreneur as Innovator
• Schumpeter’s Theory
• The Schumpeterian Entrepreneur in Developing Countries
• Stages in Innovation
• ENTREPRENEUR AS GAP FILLER
• FUNCTIONS OF THE ENTREPRENEUR
• Family as Entrepreneur
• MULTIPLE ENTREPRENEURIAL FUNCTION
• Achievement Motivation, Self-Assessment, and Entrepreneurship
• Theory of Technological Creativity
• HAGEN’S THEORY
• A CRITIQUE
• Occupational Background
• Religious and Ethnic Origin
• WEBER’S THESIS: THE PROTESTANT ETHIC
• EVALUATION OF WEBER
• MARGINAL INDIVIDUALS AS ENTREPRENEURS
• Social Origins and Mobility
• THE UNITED STATES
• OTHER CAPITALIST AND MIXED ECONOMIES
• SOCIALIST COUNTRIES
• ADVANTAGES OF PRIVILEGED BACKGROUNDS
• Education
• Gender
• Technological Mobilization and Entrepreneurship in Socialist and Transitional Economies
• Long-Term Property Rights
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 13 Is Economic Growth Sustainable? Natural Resources and the Environment
• Sustainable Development
• Natural and Environmental Resources and Resource Flows
• Crude Oil
• Dutch Disease
• Resource Curse
• Poverty and Environmental Stress
• Grassroots Environmental Action
• Market Imperfections and Policy Failures as Determinants of Environmental Degradation
• Pollution
• Arid and Semiarid Lands
• Tropical Climates
• Global Public Goods: Climate and Biodiversity
• BIOLOGICAL DIVERSITY
• “GLOBAL WARMING” (GLOBAL CLIMATE CHANGE)8
• Limits to Growth
• THE CLUB OF ROME STUDY
• DALY’S IMPOSSIBILITY THEOREM
• ENTROPY AND THE ECONOMIC PROCESS
• Natural Asset Deterioration and the Measurement of National Income
• THE WORLD BANK’S ADJUSTED NET SAVINGS
• ADJUSTING INVESTMENT CRITERIA FOR FUTURE GENERATIONS
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• PART FOUR. THE MACROECONOMICS AND INTERNATIONAL ECONOMICS OF DEVELOPMENT
• 14 Monetary, Fiscal, and Incomes Policies and Inflation
• Scope of the Chapter
• Limitations of Monetary Policy
• Tax Ratios and Gross National Product per Capita
• Goals of Tax Policy
• MOBILIZING RESOURCES FOR PUBLIC EXPENDITURE
• STABILITY OF INCOME AND PRICES
• IMPROVING INCOME DISTRIBUTION
• EFFICIENCY OF RESOURCE ALLOCATION
• INCREASING CAPITAL AND ENTERPRISE
• ADMINISTRATIVE FEASIBILITY
• INCREASING THE STATE’S CAPACITY TO COLLECT TAXES: THE VALUE ADDED TAX
• Political Constraints to Tax Policy
• Expenditure Policy
• Inflation
• FROM RAPID INFLATION IN LESS-DEVELOPED COUNTRIES IN THE LATE TWENTIETH CENTURY TO SLOW INFLATION IN
• DEMAND–PULL INFLATION
• COST–PUSH INFLATION
• RATCHET INFLATION
• STRUCTURAL INFLATION: THE CASE OF LATIN AMERICA
• EXPECTATIONAL INFLATION
• POLITICAL INFLATION
• MONETARY INFLATION
• INCOMES POLICIES AND EXTERNAL STABILIZATION
• BENEFITS OF INFLATION
• COSTS OF INFLATION
• THE DYNAMICS OF INFLATION
• INFLATION AND GROWTH: EMPIRICAL EVIDENCE
• Financial Repression and Liberalization
• A Capital Market and Financial System
• Financial Instability
• Islamic Banking
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 15 Balance of Payments, Aid, and Foreign Investment
• Globalization and Its Contented and Discontented1
• North–South Interdependence
• Capital Inflows
• TWO GAPS
• STAGES IN THE BALANCE OF PAYMENTS
• CONCESSIONAL AID
• WORKERS’ REMITTANCES
• PRIVATE INVESTMENT AND MULTINATIONAL CORPORATIONS
• ATTRACTING FOREIGN INVESTMENT
• THE BENEFITS AND COSTS OF MULTINATIONAL CORPORATIONS
• LOANS AT BANKERS’ STANDARDS
• PERVERSE CAPITAL FLOWS: FROM LESS-DEVELOPED COUNTRIES TO DEVELOPED COUNTRIES
• Massive Capital Inflows to the United States
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 16 The External Debt and Financial Crises
• Scope of the Chapter
• Sovereign Wealth Funds
• Definitions of External Debt and Debt Service
• REINHART AND ROGOFF’S BROADER DEFINITION OF EXTERNAL DEBT CRISES
• Origins of Debt Crises
• Capital Flight
• DEFINITIONS
• CAUSES
• A ZAIRIAN PATHOLOGY
• HOW TO REDUCE FLIGHT
• The Crisis from the U.S. Banking Perspective
• Spreads and Risk Premiums
• The Crisis from the Less-Developed Countries’ Perspective
• Debt Indicators
• Net Transfers
• Major Less-Developed Countries’ Debtors
• Financial and Currency Crises
• World Bank and International Monetary Fund Lending and Adjustment Programs
• Fundamentalists versus the Columbia School (Stiglitz-Sachs)
• Changing the International Monetary Fund and the International Financial Architecture
• International Monetary Fund Failed Proposals to Reduce Financial Crises
• Debt Cancellation5
• Concerted Action
• The International Monetary Fund’s Sovereign Debt Restructuring Mechanism
• Resolving the Debt Crises
• BAKER PLAN
• Brady Plan
• DEBT EXCHANGES
• RESCHEDULING DEBT
• RESCHEDULING AND WRITING DOWN THE DEBT OF HIGHLY INDEBTED POOR COUNTRIES
• The Policy Cartel
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 17 International Trade
• Scope of the Chapter
• Does Trade Cause Growth?
• Arguments for Trade: Comparative Advantage
• Arguments for Tariffs
• INCREASING RETURNS TO SCALE
• EXTERNAL ECONOMIES
• TECHNOLOGICAL BORROWING
• INTRAINDUSTRY TRADE
• CHANGES IN FACTOR ENDOWMENT
• REVENUE SOURCES
• IMPROVED EMPLOYMENT AND THE BALANCE OF PAYMENTS
• REDUCED INTERNAL INSTABILITY
• NATIONAL DEFENSE
• EXTRACTING FOREIGN MONOPOLY OR DUOPOLY PROFIT
• ANTIDUMPING
• REDUCED LUXURY CONSUMPTION
• CONCLUSION ON TARIFFS
• Path Dependence of Comparative Advantage
• The Application of Arguments for and against Free Trade to Developed Countries
• CHILD LABOR
• TRADE AND THE ENVIRONMENT
• SKILL PREMIUMS AND INCOME DISTRIBUTION
• Shifts in the Terms of Trade
• Import Substitution and Export Expansion in Industry
• Global Production Sharing and Borderless Economies
• Developed Countries’ Import Policies
• Expanding Primary Export Earnings
• STAPLE THEORY OF GROWTH
• INTEGRATED PROGRAM FOR COMMODITIES
• Agricultural Protection
• Trade in Services
• The Mankiw Debate
• Intellectual Property Rights
• Foreign-Exchange Rates
• PRESENT EXCHANGE-RATE SYSTEM
• Domestic Currency Overvaluation
• Avoiding Bias against Exports
• Domestic Currency Devaluation
• The Real Exchange Rate
• Dual Exchange Rates
• Exchange-Rate Adjustment and Other Prices
• The Impossible Trinity: Exchange-Rate Stability, Free Capital Movement, and Monetary Autonomy
• Currency Crises
• Managed Floating Plus
• Regional Integration
• Promotion and Protection of Infant Entrepreneurship
• Black Markets and Illegal Transactions
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• PART FIVE. DEVELOPMENT STRATEGIES
• 18 The Transition to Liberalization and Economic Reform: Eastern Europe, the Former Soviet Union, an
• The Collapse of State Socialism and Problems with Subsequent Economic Reform in Russia
• DISTORTED INCENTIVES AND PRICE SIGNALS
• THE PARTY AND STATE MONOPOLY
• CONTRADICTIONS UNDER DECONTROL
• DISTORTED INFORMATION
• Enterprise Monopolies
• THE LACK OF SCARCITY PRICES
• OVERVALUED ROUBLE
• INABILITY TO COLLECT TAXES
• THE LACK OF MARKET INSTITUTIONS
• THE MILITARY–INDUSTRIAL COMPLEX
• ENVIRONMENTAL DEGRADATION
• PETROLEUM PRICES AND MANUFACTURING INEFFICIENCY
• INITIAL CONDITIONS, LIBERALIZATION, INSTITUTIONS, AND DEMOCRATIZATION: A SUMMARY
• The Transition to a Market Economy in China
• TOWNSHIP AND VILLAGE ENTERPRISES
• POVERTY AND INEQUALITY
• Banking Reform
• Lessons for LDCs from the Russian, Polish, and Chinese Transitions to the Market
• GUIDE TO READINGS
• Appendix
• PLANNING: THE STATE AND THE MARKET
• State Planning as Ideology for New States
• Afro-Asian Socialism
• Dirigiste Debate
• Scope of the Appendix
• Soviet Planning
• Indian Planning
• The Market versus Detailed Centralized Planning
• PROMARKET ARGUMENTS
• PROPLANNING ARGUMENTS
• MARKET SOCIALISM
• WORKER-MANAGED SOCIALISM: THE FORMER YUGOSLAVIA
• Indicative Plans
• Planning Goals and Instruments
• The Duration of Plans
• Planning Models and Their Limitations
• Input–Output Tables and Other Economic Data
• THE INPUT–OUTPUT TABLE
• THE INPUT–OUTPUT TABLE’S USES
• THE INPUT–OUTPUT TABLE’S VALIDITY
• THE TIME LAPSE IN ESTIMATES
• Public Policies toward the Private Sector
• Public Expenditures
• Performance of Private and Public Enterprises
• EFFICIENCY
• Conclusion
• TERMS TO REVIEW
• QUESTIONS TO DISCUSS
• GUIDE TO READINGS
• 19 Stabilization, Adjustment, and Reform
• Internal and External Balance
• The Universality of Adjustment in Developing and Transitional Economies
• The World Bank
• International Monetary Fund
• Critique of the World Bank and International Monetary Fund Adjustment Programs
• A Political Economy of Stabilization and Adjustment
• Empirical Evidence
• The Sequence of Trade, Exchange Rate, and Capital Market Reform
• Glossary
• Bibliography
• Index