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

Book Description | Reviews
Prologue [in PDF format]

TABLE OF CONTENTS:

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
147
     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: 7/11/2014

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