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The Quest for Prosperity:
How Developing Economies Can Take Off
Justin Yifu Lin

Book Description | Reviews
Prologue [in PDF format]


Prologue ix
An Intriguing Offer x
Strange Childhood Memories from Africa xi

1 New Challenges and New Solutions 1
The Bane of Excess Capacity 3
The Apparent Mystery of Economic Success 5
Taking Einstein's Joke Seriously: A New Structural Economics 8

2 A Battle of Narratives and Changing Paradigms 13
Giving Meaning to One's Life 14
The Evolution of Growth 17
Deciphering the Mystery of Poverty and Wealth 20
Robert Lucas and the Drycleaner's Daughter 26
Explaining Convergence and Divergence 29
Development Thinking: A Tale of Progress, Waves, Fads, and Fashion 33
The Frustrating Search for New Answers 42
The Need for New Strategic Thinking 45

3 Economic Development: Lessons from Failures 49
Viability as the Hidden Ingredient to Economic Success 52
The Political Economy of Dreams and Ignorance 61
"Do Not Look Where You Fell but Where You Slipped" 67
Not Throwing the Baby Out with the Bathwater 71

4 Lessons from Successful Catch-up Countries 76
Squaring the Circle: The Contribution of The Growth Report 78
Recognizing That Some Countries May Have Found the Holy Grail 85
Modern Economic Growth: The Secret of Advanced Countries 97

5 A Framework for Rethinking Development: A New Structural Economics 102
Why Burundi Is Not Switzerland 104
Understanding Economic Development: A Conceptual Framework 108
The Optimal Speed and Sequencing of Prosperity 112
Putting New Wine in New Bottles 117

6 What Would Be Done Differently under the New Structural Economics? 121
Fiscal Policy: Free Airplanes, Railroads, and Bridges? 123
Money to Impoverish--or Money to Enrich 127
Surviving Wealth: Public Revenue Management in Resource-Rich Countries 130
Financial Development: Those Bankers We Love to Hate 136
The Need for Poor Countries to Choose Their Type of Foreign Capital 139
Sorting Out the Paradoxes of Trade Policy 141
Deciphering the Mysteries of Human Development 143

7 Putting the New Structural Economics into Practice: Two Tracks
and Six Steps
To Identify or Not to Identify: That Is the Question 149
How to Identify Industries with Latent Comparative Advantages: A Few Principles 154
A Practical Guide for Sequencing Structural Transformation 158

8 The Peculiar Identities and Trajectories of Transition Economies 179
Imaginary Confessions in Heaven: The Politics of Reforms 181
Back to Earth: The Economics of Multiple Distortions 190
Options for Economic Reform: Big Bang or Gradualism? 195
Thriving Transitions: Lessons from China, Slovenia, and a Few Other Countries 201

9 Fostering Structural Change at Higher Levels of Development 209
Fighting Off the Middle-Income Curse 214
Keeping Pace with the Times 221
GIF Principles and Continued Structural Transformation 224
Understanding the Economics of Wealth and Greatness 229

10 A Recipe for Economic Prosperity 234
Understanding the True Nature and Causes of Economic Development 237
Industrial Policy in Action 242
Being Too Cautious: The Greatest Risk of All 246

Glossary 251
Notes 259
References 287
Index 309

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File created: 4/21/2017

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