By G. Mavrotas, A. Shorrocks
This ebook displays on present considering in improvement economics and on what could ensue over the following 20 years. in addition to learning improvement economics on reflection, the amount explores the present debates and demanding situations and appears ahead on the difficulties that have an effect on the worldwide skill to accomplish the Millennium improvement objectives.
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Extra info for Advancing Development: Core Themes in Global Economics (Studies in Development Economics and Policy)
The development policies and strategies that prevailed in the 1960s flowed directly from the conceptual contributions, development objectives and the data system. These policies fall into a few categories, which are reviewed briefly below. The first set embraces the neoclassical prescription and can be expressed under the heading of ‘fine-tuning’ and ‘appropriate prices’. In a nutshell the ‘fine-tuning’ instruments embrace the use of an appropriate price system (including commodity, tax and subsidy rates), the removal of market imperfections, and appropriate exchange rate and commercial policies.
Other discriminatory measures used were a minimal allocation of public resources (for both capital and current expenditures) to agriculture and a lack of encouragement given to the promotion of rural institutions and rural off-farm activities. 5 A major means of fostering industrialization, at the outset of the development process, was through import substitution – particularly of consumer goods and consumer durables. With very few exceptions the whole gamut of import substitution policies, ranging from restrictive licensing systems, high protective tariffs and multiple exchange rates to various fiscal devices, sprang up and spread rapidly in developing countries.
Giovanni Andrea Cornia is a professor of economics at Florence University. Sukti Dasgupta conducts research on employment and labour market policy at ILO, Delhi. Arjan de Haan is a visiting professor at the University of Guelph, on special leave from the UK Department for International Development. Louis Emmerij is a co-director of the UN Intellectual History Project, City University of New York. David Fielding is a lecturer and researcher at the University of Otago, Dunedin. Valpy FitzGerald is at the Finance and Trade Policy Centre, University of Oxford.