Issues and Country Experiences
Edited by Jesus Felipe
Structural transformation is critical to economic development. It is the reason why some nations have prospered since the Industrial Revolution while others have languished. The former are those whose economies became more diverse (they produce a wider range of products and services) and more sophisticated (they make products/services that contain a higher value-added). In today’s globalized world, structural transformation is even more critical—and difficult—because even though goods and services are reasonably freely traded across borders, other factor endowments—physical, human and natural capital such as land—face barriers or are completely immobile across borders.
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