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Beating the Odds
Célestin Monga, Justin Yifu Lin
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
How poor countries can ignite economic growth without waiting for global action or the creation of ideal local conditions
Contrary to conventional wisdom, countries that ignite a process of rapid economic growth almost always do so while lacking what experts say are the essential preconditions for development, such as good infrastructure and institutions. In Beating the Odds, two of the world's leading development economists begin with this paradox to explain what is wrong with mainstream development thinking—and to offer a practical blueprint for moving poor countries out of the low-income trap regardless of their circumstances.
Justin Yifu Lin, the former chief economist of the World Bank, and Célestin Monga, the chief economist of the African Development Bank, propose a development strategy that encourages poor countries to leap directly into the global economy by building industrial parks and export-processing zones linked to global markets. Countries can leverage these zones to attract light manufacturing from more advanced economies, as East Asian countries did in the 1960s and China did in the 1980s. By attracting foreign investment and firms, poor countries can improve their trade logistics, increase the knowledge and skills of local entrepreneurs, gain the confidence of international buyers, and gradually make local firms competitive. This strategy is already being used with great success in Vietnam, Cambodia, Bangladesh, Mauritius, Ethiopia, Rwanda, and other countries. And the strategy need not be limited to traditional manufacturing but can also include agriculture, the service sector, and other activities.
Beating the Odds shows how poor countries can ignite growth without waiting for global action or the creation of ideal local conditions.
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Subsidy, Commodity, Natural resource, Human capital, Secondary sector of the economy, Developing country, Washington Consensus, Employment, Economics, Investor, Consumption (economics), Transaction cost, Industrialisation, Supply (economics), Productivity, Diversification (finance), Private sector, Supply chain, Export, Competitiveness, Market failure, Exchange rate, Funding, World Bank Group, Institution, Economic policy, Emerging technologies, World economy, Economic interventionism, Poverty, Aid, Globalization, Access to finance, Incentive, Value chain, Tax, Special economic zone, Industry, Income, Investment, Unemployment, World Bank, Technology, Factor cost, Economist, Corruption, Entrepreneurship, Economic development, Infrastructure, Competition, Development economics, Developed country, Poverty reduction, Economic growth, Policy, Finance, Financial services, Workforce, Agriculture, Inclusive growth, Economy, Manufacturing, Investment Climate, Externality, Foreign direct investment, Comparative advantage, Economic history, Tariff, Governance, Joseph Stiglitz