Advancing Development: Core Themes in Global Economics by G. Mavrotas, A. Shorrocks

By G. Mavrotas, A. Shorrocks

This booklet displays on present considering in improvement economics and on what could take place over the following twenty years. in addition to learning improvement economics on reflection, the quantity explores the present debates and demanding situations and appears ahead on the difficulties that have an effect on the worldwide means to accomplish the Millennium improvement pursuits.

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It does appear, in retrospect, that the emphasis on large-scale investment in the 1950s was strongly influenced by the relatively successful development model and performance of the Soviet Union between 1928 and 1940. The same emphasis on the crucial role of investment as a prime mover of growth is found in the literature on investment criteria in the 1950s. The key contributions were (i) the ‘social marginal production’ criterion (Kahn 1951; Chenery 1953), (ii) the ‘marginal per capita investment quotient’ criterion (Galenson and Leibenstein 1955) and (iii) the ‘marginal growth contribution’ criterion (Eckstein 1957).

1 Such an objective would have been inconsistent with the underlying division of labour and trading patterns within and among colonial blocks. It was not until the end of the colonial system in the late 1940s and 1950s, and the subsequent creation of independent states, that the revolution of rising expectations could start. Thus, the end of Second World War marked the beginning of a new regime for the less developed countries involving the evolution from symbiotic to inward-looking growth and from a dependent to a somewhat more independent relation vis-à-vis the ex-colonial powers.

The second approach was pioneered by Chenery and based on international cross-sectional analysis which was subjected to regression analysis to derive what appeared to be structural phenomena in the process of growth (Chenery 1960; Chenery and Taylor 1968). 10 Erik Thorbecke The models that were designed in the 1960s can be divided into three types: (i) two-gap models, (ii) semi-input–output models and (iii) simple general equilibrium models. The first type tried to incorporate into a macroeconomic model the role of foreign aid (Chenery and Strout 1966).

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