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The Quest for Prosperity: How Developing Economies Can Take Off - Updated Edition
Justin Yifu Lin's groundbreaking account of how developing countries can help themselves—now fully updated
How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin—the first non-Westerner to be chief economist of the World Bank—focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin’s travels as chief economist of the World Bank and his reflections on China’s rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.
1129970838
The Quest for Prosperity: How Developing Economies Can Take Off - Updated Edition
Justin Yifu Lin's groundbreaking account of how developing countries can help themselves—now fully updated
How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin—the first non-Westerner to be chief economist of the World Bank—focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin’s travels as chief economist of the World Bank and his reflections on China’s rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.
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The Quest for Prosperity: How Developing Economies Can Take Off - Updated Edition
Justin Yifu Lin's groundbreaking account of how developing countries can help themselves—now fully updated
How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin—the first non-Westerner to be chief economist of the World Bank—focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin’s travels as chief economist of the World Bank and his reflections on China’s rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.
Justin Yifu Lin is founding director and professor at the China Centre for Economic Research at Peking University. From 2008 to 2012, he served as chief economist and senior vice president of the World Bank. His many books include Demystifying the Chinese Economy and Economic Development and Transition. He is a corresponding fellow of the British Academy, and a fellow of the World Academy of Sciences for the Developing World.
Table of Contents
Prologue ixAn Intriguing Offer xStrange Childhood Memories from Africa xi 1 New Challenges and New Solutions 1The Bane of Excess Capacity 3The Apparent Mystery of Economic Success 5Taking Einstein's Joke Seriously: A New Structural Economics 8 2 A Battle of Narratives and Changing Paradigms 13Giving Meaning to One's Life 14The Evolution of Growth 17Deciphering the Mystery of Poverty and Wealth 20Robert Lucas and the Drycleaner's Daughter 26Explaining Convergence and Divergence 29Development Thinking: A Tale of Progress, Waves, Fads, and Fashion 33The Frustrating Search for New Answers 42The Need for New Strategic Thinking 45 3 Economic Development: Lessons from Failures 49Viability as the Hidden Ingredient to Economic Success 52The Political Economy of Dreams and Ignorance 61"Do Not Look Where You Fell but Where You Slipped" 67Not Throwing the Baby Out with the Bathwater 71 4 Lessons from Successful Catch-up Countries 76Squaring the Circle: The Contribution of The Growth Report 78Recognizing That Some Countries May Have Found the Holy Grail 85Modern Economic Growth: The Secret of Advanced Countries 97 5 A Framework for Rethinking Development: A New Structural Economics 102Why Burundi Is Not Switzerland 104Understanding Economic Development: A Conceptual Framework 108The Optimal Speed and Sequencing of Prosperity 112Putting New Wine in New Bottles 117 6 What Would Be Done Differently under the New Structural Economics? 121Fiscal Policy: Free Airplanes, Railroads, and Bridges? 123Money to Impoverishor Money to Enrich 127Surviving Wealth: Public Revenue Management in Resource-Rich Countries 130Financial Development: Those Bankers We Love to Hate 136The Need for Poor Countries to Choose Their Type of Foreign Capital 139Sorting Out the Paradoxes of Trade Policy 141Deciphering the Mysteries of Human Development 143 7 Putting the New Structural Economics into Practice: Two Tracks and Six Steps 147To Identify or Not to Identify: That Is the Question 149How to Identify Industries with Latent Comparative Advantages: A Few Principles 154A Practical Guide for Sequencing Structural Transformation 158 8 The Peculiar Identities and Trajectories of Transition Economies 179Imaginary Confessions in Heaven: The Politics of Reforms 181Back to Earth: The Economics of Multiple Distortions 190Options for Economic Reform: Big Bang or Gradualism? 195Thriving Transitions: Lessons from China, Slovenia, and a Few Other Countries 201 9 Fostering Structural Change at Higher Levels of Development 209Fighting Off the Middle-Income Curse 214Keeping Pace with the Times 221GIF Principles and Continued Structural Transformation 224Understanding the Economics of Wealth and Greatness 229 10 A Recipe for Economic Prosperity 234Understanding the True Nature and Causes of Economic Development 237Industrial Policy in Action 242Being Too Cautious: The Greatest Risk of All 246 Glossary 251Notes 259References 287Index 309
"This is a must-read for anyone interested in the emerging consensus on development policy. Justin Yifu Lin makes a powerful case for a 'new structural economics' grounded in a very persuasive analysis of the evolution of ideas in economics. It will resonate especially well with practitioners familiar with the practical constraints of policymaking in developing countries."—Montek Ahluwalia, deputy chairman of the Planning Commission of the Republic of India"In this masterpiece, Justin Yifu Lin weaves together 250 years of economic thought with his own wisdom acquired during China's economic rise. He dares to envision the end of world poverty and spells out—thoughtfully, sensibly, and pragmatically—how this can be accomplished. It is impossible for an economist to write a better, or a more important, book."—George A. Akerlof, Nobel Laureate in Economics"Combining valuable insights from his experience in China, his time as the World Bank's chief economist, and the 2008 financial crisis, Justin Yifu Lin's recommendations for development policy reflect an impressive and unique personal journey."—Kemal Dervis, vice president of the Brookings Institution and former executive head of the UN Development Programme"The Quest for Prosperity is an important book. Written with verve and clarity, it reflects a deep understanding of global economic issues, and proposes practical solutions that anyone concerned with the plight of the world's poor would be wise to read."—Robert Fogel, Nobel Laureate in Economics"Justin Yifu Lin's life journey has been one of discovery driven by insatiable curiosity. His invaluable contributions to economic theory and policy in these turbulent times are distinctive because of the sharpness of his observations, his willingness to rigorously test a hypothesis, and his courage to posit emerging views. The Quest for Prosperity builds on his already substantial contribution to development economics. It is a must-read for all policymakers and students."—Trevor Manuel, minister in the presidency of the National Planning Commission of South Africa"Justin Yifu Lin lays out an innovative framework for understanding the mystery of economic growth, drawing insightful conclusions about the experience of successful economies that should provide important inspiration to developing countries as they seek to expand their comparative advantages and design their own growth strategies."—Ngozi Okonjo-Iweala, finance minister of Nigeria"Justin Yifu Lin cracks the code of economic development in this extraordinary tour de force—offering a rare combination of personal experience, rigorous analysis, and empirical investigation. His powerful recipe will become an enduring feature of future development efforts."—Stephen S. Roach, former chairman of Morgan Stanley Asia and author of The Next Asia"Part personal narrative, part sophisticated economic analysis, this important book offers a new approach for accelerating economic development around the world. Justin Yifu Lin's exceptional grounding in Chinese realities and Chicago economics, as well as his extensive experience, shine throughout."—Dani Rodrik, author of The Globalization Paradox: Democracy and the Future of the World Economy"This is a truly exciting book. Speaking directly to the reader and quoting Lewis Carroll as easily as Simon Kuznets, Justin Yifu Lin proposes a new approach to development economics that makes great sense."—Thomas C. Schelling, Nobel Laureate in Economics"This book is a tour de force: a seminal contribution to development studies that is engagingly, even entertainingly written. Lin uses words, not statistics, to carry his arguments; and he illuminates abstract ideas with the dicta of people as diverse as Winston Churchill, Deng Xiaoping, and Mick Jagger."—Robert Wade, London School of Economics and Political Science