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Growth and Policy in Developing Countries: A Structuralist Approach

by Jos Antonio Ocampo, Codrina Rada and Lance Taylor Columbia University Press
Pub Date:
Hbk 200 pages
AU$75.00 NZ$77.39
Product Status: Available in Approx 14 days
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Economic structuralists conduct a system-wide analysis of a given economy, including its social context, which can be particularly valuable in determining why poor countries consistently fail to grow. This textbook studies, from a structuralist perspective, the reasons why a host of developing countries have failed to grow steadily at 2 percent or more since the 1960s.

Sensitive to the wide range of factors that affect an economy's strength and stability, this volume identifies the policy problems that have long frustrated the countries of South and Southeast Asia, the Middle East, North Africa, Eastern Europe, Latin America and the Caribbean, and others, while suggesting new initiatives for change.

The text begins with a survey of structuralist methods and post-WWII trends in global economic growth. It then discusses the role that patterns in productivity, production structures, and capital accumulation play in the growth dynamics of developing countries. This volume next outlines the evolution of trade patterns and the effect of the terms of trade on the economic performance of developing countries, especially those that are dependent on commodity exports.

A chapter on the structural limits of macroeconomic policy highlights the negative effect of financial volatility and certain financial structures while recommending policies that better manage the external shocks that developing economies face. These policies are further developed in a section concentrating specifically on growth and structural improvements, and in a concluding chapter, the book determines which policy options—macro, industrial, or commercial—best fit in different kinds of developing economies.
This analysis, diagnosis, and prescription, embedded in the structuralist tradition of economic thought, is refreshingly different.
José Antonio Ocampo is codirector of Banco de la Republica (Colombia’s central bank), professor in the School of International and Public Affairs (on leave for public service), and copresident of the Initiative for Policy Dialogue at Columbia University. His books with Columbia University Press are Growth and Policy in Developing Countries: A Structuralist Approach (2009, coauthor), Development Cooperation in Times of Crisis (2012, coedited with José Antonio Alonso), and Too Little, Too Late: The Quest to Resolve Sovereign Debt Crises (2016, also coedited with Joseph E. Stiglitz), and The Welfare State Revisited (2018).