Economic Growth and Development: Second Edition

World Scientific Publishing Company
Free sample

This textbook covers the full range of topics and issues normally included in a course on economic growth and development. Both mainstream economic perspectives as well as the multi-paradigmatic, inter-disciplinary, and dynamic-evolutionary perspectives from heterodox economics are detailed. Economic development is viewed in terms of the long-run well-being of humanity, social stability, environmental sustainability, and just distribution of economic gains, not simply as the growth of GDP. Furthermore, this textbook explicitly recognizes the complexity of economic development by linking economic activity to our broader social and natural environments.

The textbook's unique feature is its focus on the natural environment. Both the historical effects of economic development on the environment and the environmental constraints on future economic development are thoroughly discussed in two chapters on environmental issues and policies. In fact, because economic development is defined in terms of economic, social, and environmental sustainability, the natural environment is included in discussions throughout the book.

The textbook is inter-disciplinary: knowledge from fields such as sociology, psychology, political science, economic history, and ecology is called on to enhance the economic analysis. A thorough historical account of the development of the principal paradigms of economic development is also included, and the important issues of institutional development and cultural change merit their own chapters. Two chapters on technological change holistically focus on production technologies as well as the dynamic performance of entire economic, social, and ecological systems. Also, the important relationship between economic development and globalization is presented in three chapters on international trade, international finance and investment, and immigration from both orthodox and heterodox perspectives.

The Instructor's manual is available upon request for all instructors who adopt this book as a course text. Please send your request to sales@wspc.com.

Sample Chapter(s)
Chapter 1: The Complexity of Economic Development (301 KB)
Chapter 4: The Evolution of Growth Models: From Smith to Harrod-Domar (226 KB)
Chapter 9: Population Growth (207 KB)
Chapter 17: The Distribution of Income and Wealth (397 KB)

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About the author

Hendrik Van den Berg (University of Nebraska, USA)
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Additional Information

Publisher
World Scientific Publishing Company
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Published on
Mar 30, 2012
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Pages
892
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ISBN
9789813100572
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Language
English
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Genres
Business & Economics / Development / Economic Development
Business & Economics / Economic History
Business & Economics / International / Economics
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This content is DRM protected.
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How violence, rather than peace, has historically accompanied prosperity; and why emerging nations seem poised to repeat the tragic history of the industrialized world.

What happened yesterday in the West is today being repeated on a global scale. Industrial society is replacing rural society: millions of peasants in China, India, and elsewhere are leaving the countryside and going to the city. New powers are emerging and rivalries are exacerbated as competition increases for control of raw materials. Contrary to what believers in the “clash of civilizations” maintain, the great risk of the twenty-first century is not a confrontation between cultures but a repetition of history. In The Prosperity of Vice, the influential French economist Daniel Cohen shows that violence, rather than peace, has been the historical accompaniment to prosperity. Peace in Europe came only after the barbaric wars of the twentieth century, not as the outcome of economic growth. What will happen this time for today's eagerly Westernizing emerging nations?

Cohen guides us through history, describing the European discovery of the “philosopher's stone”: the possibility of perpetual growth. But the consequences of addiction to growth are dire in an era of globalization. If a billion Chinese consume a billion cars, the future of the planet is threatened. But, Cohen points out, there is another kind of globalization: the immaterial globalization enabled by the Internet. It is still possible, he argues, that the cyber-world will create a new awareness of global solidarity. It even may help us accomplish a formidable cognitive task, as immense as that realized during the Industrial Revolution—one that would allow us learn to live within the limits of a solitary planet.

A World to Make treats a subject that is both complex and controversial. Since the end of the Second World War, and with increasing rapidity in the 1950s and 1960s, Europe's former colonial possessions acquired independence and emerged as new states with new frontiers. That process proved to be immensely difficult both for those who had recently acquired their independence and for those in Latin America and elsewhere who had enjoyed that status for a century or longer.

Earlier paradigms of development have either broken down or have been subject to serious modification. The chemistry of development reveals itself as an unstable compound of diverse political, social, cultural, and intellectual elements, not to speak of many that remain primarily economic. The conflicts and institutional interests are so varied that any simple theory of nation building or modernization modeled on past patterns of development in the capitalist West or Communist East seem inadequate.

As editor Francis X. Sutton points out, this volume views development in its broad historical complexity, as an organizing principle of governments and international relations, as a set of ideas or ideologies, and as a series of programs and practices. Achieving such goals in a single volume required reaching being the narrow confine of developmentalists as such, to experts in a variety of fields ranging from history to education.

The work features a major study by the historian William H. McNeil on "Control and Catastrophe in Human Affairs"; D. Anthony Low on "Development Contexts"; Francis X. Sutton on "Developmental Ideology: Its Emergence and Decline"; John P. Lewis on "Government and National Economic Development"; Mohamed Naciri on "Educational Processes and Access to Knowledge"; and Paul Krugman on "Developing Countries in the World Economy." In each case, the major essay is followed by a sharp analysis and commentary. The work is of intense potential value to international economists, comparative political scientists, and those who stress the important role of volition and culture in the development process.

Francis X. Sutton is retired deputy vice president of The Ford Foundation. Since his retirement in 1981, he has served as consultant to the Ford Foundation, the Rockefeller Foundation, and the World Bank. He is the author of The American Business Creed, and wrote the introduction to the new Transaction edition of The Ford Foundation by Dwight Macdonald.
Now in its third edition, Hendrik Van den Berg’s International Economics: A Heterodox Approach covers all of the standard topics taught in undergraduate international economics courses. Written in a friendly and approachable style, this new edition is unique in that it presents the key orthodox neoclassical models of international trade and investment, while supplementing them with a variety of heterodox approaches. This pluralist approach is intended to give economics students a more realistic understanding of the international economy than standard textbooks can provide.

Changes to the new edition include:

updates throughout to reflect recent world events, including coverage of trade negotiations and the Greek crisis; expanded discussion of pluralist approaches with more coverage of alternative schools of thought; discussions of the growing financialization of global economic activity; additional real-world examples; increased coverage of environmental issues; transnational corporations and their behavior in the international economy; the difference between international investment and international finance; and monetary history; a consolidated and updated chapter on international banking.

This book also maintains a broad perspective that links economic activity to the social and natural spheres of human activity, with emphasis on the distributional and environmental effects of international trade, investment, finance, and migration. Chapter summaries, key terms and concepts, problems and questions, and a glossary are included in the book. A Student Study Guide and an Instructor’s Manual are available online.

This historically-based textbook on international finance and open-economy macroeconomics provides a complete course on the theory and policies that shaped our international financial system. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book covers all the standard topics of international finance, such as foreign exchange markets, balance of payments accounting, macroeconomic policy in an open economy, exchange rate crises, multinational enterprises, international banking, and the evolution of our international financial system. The detailed international financial theory is presented in a lively manner that reflects the close relationship between actual world events and the development of economic thought.

The book also analyzes the causes of the 2008 international financial crisis and recession, encourages critical thinking about whether the current international financial system promotes human well-being, and concludes with a discussion on whether it is time to summon the world's financial leaders to another Bretton Woods Conference. In additional to providing students with a solid understanding of international finance and open-economy macroeconomics, the book is written in a reader-friendly style that makes it a good reference for anyone interested in the many fascinating issues related to our still-evolving global financial system and, more generally, our global economy.

The Instructor's manual is available upon request for all instructors who adopt this book as a course text. Please send your request to sales@wspc.com.

FEW TECHNOLOGICAL ACHIEVEMENTS are as impressive as the ability to see our own planet from outer space. The beautiful sphere suspended against the black void of space makes plain the bond that the billions of us on Earth have in common.

This global consciousness inspires space travellers who then provide emotional and spiritual observations. Their views from outer space awaken them to a grand realization that all who share our planet make up a single community. They think this viewpoint will help unite the nations of the world in order to build a peaceful future for the present generation and the ones that follow.

Many poets, philosophers, and writers have criticized the artificial borders that separate people preoccupied with the notion of nationhood. Despite the visions and hopes of astronauts, poets, writers, and visionaries, the reality is that nations are continuously at war with one another, and poverty and hunger prevail in many places throughout the world, including the United States.

So far, no astronaut arriving back on Earth with this new social consciousness has pro- posed to transcend the world's limitations with a world where no national boundaries exist. Each remains loyal to his/her particular nation-state, and doesn’t venture beyond patriotism - "my country, right or wrong" – because doing so may risk their positions.

Most problems we face in the world today are of our own making. We must accept that the future depends upon us. Interventions by mythical or divine characters in white robes descending from the clouds, or by visitors from other worlds, are illusions that cannot solve the problems of our modern world. The future of the world is our responsibility and depends upon decisions we make today. We are our own salvation or damnation. The shape and solutions of the future depend totally on the collective effort of all people working together.


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