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In this volume leading scholars analyze in a series of original essays and commentaries how newly industrializing countries (NICs), particularly those in East Asia, have transformed themselves from technologically backward and poor to relatively modern and affluent economies over the past thirty years. The contributors provide interesting theoretical perspectives and offer insights into the process of technological progress at both the macro and micro levels in these countries. The essays review how firms, particularly those in electronics and automobiles, have dynamically accumulated technological capabilities at the micro level, how public policies have shaped the process of technological progress at the national level, and what problems some of these countries face today at both levels. In addition, the volume provides a comparison of East Asian NIC s with their Latin American counterparts. The discussion also offers useful lessons for policies in other developing countries.
This paper reviews the history & progress of understanding development theory over the past 50 years. Development thinking has evolved from an early paradigm that focused on savings & capital investment to subsequent arguments favoring the inclusion of human capital, policy, technical change, & finally to the inclusion of the role of institutions, & good governance. Secure property rights in the broadest sense, which are applicable to all resources & not just land, are particularly important to realize investment yield. This evolution of development thought describes a conceptual framework that can guide development practitioners in prioritizing, sequencing, & characterizing all interventions aimed at reducing poverty.
This book is open access under a CC BY-NC-ND license. This volume analyzes the economic, social, and political challenges that emerging states confront today. Notwithstanding the growing importance of the ‘emerging states’ in global affairs and governance, many problems requiring immediate solutions have emerged at home largely as a consequence of the rapid economic development and associated sociopolitical changes. The middle-income trap is a major economic challenge faced by emerging states. This volume regards interest coordination for technological upgrading as crucial to avoid the trap and examines how various emerging states are grappling with this challenge by fostering public-private cooperation, voluntary associations of market players, and/or social networks. Social disparity is another serious problem. It is deeply rooted in history in the emerging states such as South Africa and many Latin American countries. However, income distribution is recently deteriorating even in East Asia that was once praised for its high economic growth with equity. Increasing pressure for political opening is another challenge for emerging states. This volume argues that the economic, social, and political problems are interwoven in the sense that the emerging states need to build political consensus in order to tackle the economic and social difficulties. Democratic institutions have not always been successful in this respect.
Explores the process by which the poverty-stricken agrarian economy of South Korea was transformed during the 1970s to the 1990s, into a semi-industrial urban economy. The text discusses neoclassical views of South Korean experience and speculates on South Korea's technological future.
Attempts to measure competitiveness (CP) across countries have typically neglected the world¿s smallest economies. Hence, a simple composite index, the Small State Manufactured Export CP Index or SSMECI, was developed to benchmark industrial CP. The SSMECI represents the first attempt to provide a comprehensive picture of the CP performance of small states. The performance of small states varies across geographical regions, income groups, & country size classes. High-performing small states had better macroeconomic conditions, higher levels of foreign invest., more trade openness, better levels of educ., & modern infrastructure. A coherent, market-oriented CP strategy in small states is vital to success on international markets. Tables.
The measurement of willingness to pay for electricity relies critically on a reliable estimate of the demand for electricity function. Empirical work tends to assume that the demand for electricity has no satiation point. Many electricity demand models assume a constant price elasticity, which implies infinite demand at low prices. This report proposes a plausible functional form for the demand of electricity. The proposed functional form is consistent with two properties of electricity demand functions for households & firms, namely, the negative relationships between price & quantity, & the finiteness of demand at zero price. The report also demonstrates that this functional form of the demand function leads to easily estimable economic benefits of electricity.
Development and Modern Industrial Policy in Practice provides an up-to-date analysis of industrial policy. Modern industrial policy refers to the set of actions and strategies used to favor the more dynamic sectors of the economy. A key aspect of moder
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