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Economic development is a process of continuous technological innovation and structural transformation. Development thinking is inherently tied to the quest for sustainable growth strategies. This book provides a neoclassical approach for studying the determinants of economic structure and its transformation and draws new insights for development policy. The market is the basic mechanism for effective resource allocation at each level of development. However, economic development as a dynamic process entails structural changes, including industrial upgrading and diversification and...

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...

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...

Taking the new structural economics as the theoretical tools, this book obtains the maximum understanding of the history, development, current situation, and trend of the change of world economic structure, as well as China's role in its development and its underlying laws and policies, analyzes the polarization between the rich and poor for countries worldwide, and provides a way for them to achieve common prosperity.

The world is going through a new round of major transformation. Profound adjustment has been made in international economy, science, culture, security, and politics,...