World Economic Performance
Show Less

World Economic Performance

Past, Present and Future

Edited by D. S.P. Rao and Bart van Ark

World economic performance over the last 50 years has been spectacular. The postwar period has witnessed impressive growth rates in Western Europe and Japan, and in recent times China and India. This new book discusses these issues and tackles topical questions such as; what are the socio-economic and institutional factors that have contributed to this impressive performance? Will China and India continue to grow at the same rate over the next two decades? What are the prospects for Japan, the US and other advanced economies? The book brings together contributions by eminent scholars including the late Angus Maddison, Professors Justin Lin, Bob Gordon, Ross Garnaut, Bart van Ark and others to provide answers to these fascinating questions. The chapters analyse the economic performance of selected countries including China, India, Japan, Indonesia and the US, as well as Western Europe, Latin America and developing countries as a group. The time period of the study is from 1850 to the present and includes forecasts to 2030.
Buy Book in Print
Show Summary Details

Chapter 9: Explaining Success and Failure in Economic Development

Extract

During the last 60 years many myths about development have been exploded through sober empirical analysis and measurement of development trends. Developing countries are not inevitably condemned to poverty and stagnation. Average GDP per capita has increased more than four fold. Life expectancy at birth has increased by some 25 years. Child mortality has declined and human capital has increased. Contrary to Malthusian predictions, food production has outpaced a rapidly growing global population, especially in densely populated developing countries. Developing countries are not locked into agriculture and mining. They can become powerful global players in manufacturing production and exports. The average figures in table 9.1 hide disparities in socio-economic performance. One of the most striking phenomena in the study of development is the diversity of developing country experiences. In Asia, several countries have experienced rapid growth and catch-up, including Taiwan, Korea, Singapore, Hong Kong, China, Malaysia, Thailand, Turkey, Sri Lanka, India, Indonesia and Vietnam. Latin American economies grew rapidly until 1980, though their growth momentum faltered between 1973 and 2000 and their prospects are uncertain. With the exception of tiny countries such as Mauritius and Botswana and the exceptional case of South Africa, most African countries have experienced long-run stagnation since 1973, after a period of growth between 1950 and 1973. In the Middle East, economic performance of most countries has been weak, in spite of vast oil resources.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.