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by Justin Yifu Lin

eBook The Quest for Prosperity: How Developing Economies Can Take Off download ISBN: 0691155895
Author: Justin Yifu Lin
Publisher: Princeton University Press (September 9, 2012)
Language: English
Pages: 344
ePub: 1425 kb
Fb2: 1381 kb
Rating: 4.4
Other formats: mbr doc txt rtf
Category: Political
Subcategory: Politics and Government

The Quest for Prosperity deals with the ultimate challenge that each and every country has to tackle at some . If no less than the World Bank’s former chief economist Justin Yifu Lin offers a reinterpretation of development policy, one is in for an enthralling read.

The Quest for Prosperity deals with the ultimate challenge that each and every country has to tackle at some point in time: What is a promising way to alleviate poverty? What can politicians do to ensure that all people can meet their basic needs? . After all, Lin can not only build his insights on the collective wisdom of this very famous institution, but he himself has evidenced the Chinese transformation from a poverty-stricken country to an economic superpower and knows exactly what economic development is about.

The Quest for Prosperity is a quintessential economics book drafted within the paradigm of Western epistemology . --Bulent Temel, Journal of Economic Geography. Here, Lin, a former chief economist and senior vice president of the World Bank, explains here in detail the model he created there for developing economies to achieve success and sustainability. "In this book, Justin Yifu Lin, the World Bank's first non-western chief economist, offers a fascinating overview of development thinking since the Second World Wa. --Lisa Moyle, Financial World. The most valuable new book I've read this year is Justin Yifu Lin's The Quest for Prosperity.

The Quest for Prosperity: How Developing Economies Can Take Of. The Quest for Prosperity is a quintessential economics book drafted within the paradigm of Western epistemology.

The Quest for Prosperity: How Developing Economies Can Take Off. Justin Yifu Lin. Hardcover. Lin's book is intellectually ambitious. He sets out to survey the modern history of economic development and distill a practical formula for growing out of poverty. -Bulent Temel, Journal of Economic Geography. This is a must-read for anyone interested in the emerging consensus on development policy.

The Quest for Prosperity book. Goodreads helps you keep track of books you want to read. Start by marking The Quest for Prosperity: How Developing Economies Can Take Off as Want to Read: Want to Read saving. Start by marking The Quest for Prosperity: How Developing Economies Can Take Off as Want to Read: Want to Read savin. ant to Read.

How can developing countries grow their economies? Most answers to this question center on what the rich world . According to the authors, the dream of China’s socialist revolution was prosperity for the people and the country.

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. InThe 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

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. Since the end of the Second World War, prescriptions for economic growth have come and gone.

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. Often motivated more by ideology than practicality, these blueprints have had mixed success on the ground. Drawing lessons from history, economic analysis, and practice, Lin examines how the countries that have succeeded in developing their own economies have actually done it.

In The Quest for Prosperity, Justin Yifu Lin-the first non-Westerner to be chief economist of the World . 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 provides a road map and hope for those countries engaged in their own quest for prosperity.

How can developing countries grow their economies? .

The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics. Moscow: The Institute for Complex Strategic Studies Publ.

Its effective operation is possible only under the influence of market forces. The main role of the government is to target the strategic support for specific industries with comparative advantages, as well as to improve the infrastructure. The Elusive Quest for Growth: Economists’ Adventures and Misadventures in the Tropics. 2. Lin J. Cai . Li Z. (2001). China Miracle: Development Strategy and Economic Reform, Trans.

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.

Since the end of the Second World War, prescriptions for economic growth have come and gone. Often motivated more by ideology than practicality, these blueprints have had mixed success on the ground. Drawing lessons from history, economic analysis, and practice, Lin examines how the countries that have succeeded in developing their own economies have actually done it. He shows that economic development is a process of continuous technological innovation, industrial upgrading, and structural change driven by how countries harness their land, labor, capital, and infrastructure. Countries need to identify and facilitate the development of those industries where they have a comparative advantage--where they can produce products most effectively--and use them as a basis for development. At the same time, states need to recognize the power of markets, limiting the role of government to allow firms to flourish and lead the process of technological innovation and industrial upgrading. By following this "new structural economics" framework, Lin shows how even the poorest nations can grow at eight percent or more continuously for several decades, significantly reduce poverty, and become middle- or even high-income countries in the span of one or two generations.

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 provides a road map and hope for those countries engaged in their own quest for prosperity.

Comments: (7)
Umi
RELATION OF CHINA DREAM, CHINA REVIVAL, DEMOCRACTIC WORLD ORDER AND MULTIPOLAR PEACE AND HARMONY
Dear editor, kindly publish and distribute following important China dream discussion topics:
Definition:
Harmony Renaissance: Revival of harmony philosophy ancient or modern for multipolar national cultural identity and world peace and harmony. For more details please refer to World Harmony Organization and Francis C W Fung publications. UPDATED 20 CHINA
China Dream: Revival of Chinese nation for national dignity and multipolar world peace and harmony. For more details on China dream please refer to summary of President Xi's statements.
1) China dream, harmony renaissance essential for China and global peace and China revival.
2) China dream and harmony renaissance together means Chinese soft power.
3) China must continue harmony renaissance for survival against U S criticism
4) China must be proactive on harmony renaissance not to be contained by U.S. liberal democracy
5) China dream, resolve south China sea dispute by harmony diplomacy
6) ancient Chinese thought, modern Chinese softpower through harmony renaissance
7) Harmony renaissance is the spirit of China dream, dream with in a dream
8) Harmony renaissance vs liberal democracy thought in 21st century.
9) Rally around harmony renaissance to rebuild a Chinese civilization state
10) Can China survive without harmony renaissance under U.S. democracy assault?
11) Survival of the fittest demands China dream to include harmony renaissance.
12) Without harmony renaissance China dream is empty
13) "China is unlikely to become a superpower because it lacked an independent ideology with global clout" according to Margret Thatcher.
14) China will remain a "small country" without harmony renaissance despite economic growth.
15) China dream means 21st century multipolar world, peace and world harmony.
16) Harmony renaissance is the missing ancient Chinese ideology with global clout Margret Thatcher is referring to.
17) Harmony renaissance is the revival of Chinese cultural value ,ancient and modern.
18) The Chinese dream with harmony renaissance can enrich world civilization.
19) Harmony renaissance adds spiritual life and perspective to China dream.
20) Harmony Renaissance will be a preferred balance to U.S. relentless and powerful push of liberal democracy ideology on other countries in a multipolar world.
21) China dreams mean democratic world order and multipolar world peace and harmony.
22) Sun Yet Sen and Nationalist party empowered the elite, Mao Zedong empowered women and the masses, Deng Xiaoping’s reform and open up empowered the economy and rule and order, the final movement in the symphony of Chinese modernization is to empower China’s soul and spirit with China dream and harmony renaissance.
Best of Harmony
Francis C W Fung, Ph.D.
Director General
World Harmony Organization
Valawye
Very insightful. Grounded in economic theory and research, but highly accessible to a lay reader. This is one of the few books or article I've read (as an economics student) that offers insights about macroeconomic development that can actually be useful to guide policy-making, while also having a firm basis in economics to support the policy prescriptions (rather than just the the author's personal perspective).
Wire
It is perfect
Perilanim
It's an excellent book for people who have not read the recent literature of development economics. But, in my case, I did it, so for me it was just a good book. In here you will see a excellent sum up of the mainstream
Vareyma
Building human and physical capital takes time but is the only way that a country/economy can prosper in this competitive world.
Llanonte
In this tour the force, Justin Yifu Lin distills all the lessons he has learned from his first-hand experience of the Taiwanese and Chinese Miracle, providing for the first time a "can do" interpretation of Asian's experiences. No doubt this book will generate a much needed controversy on the role of the State in development.
Agagamand
It's nice to have a Chinese view on the record so coherently, but it's a dull read. Feels like a lecture in text only. Also, for those already fairly knowledgeable about US-Asia policy, it's a pretty typical Chinese perspective. Like I said, it's good to have it on record.
[...]
An Economics Masterpiece You Should Be Reading Now
By Clive Crook Dec 18, 2012 5:52 PM ET

The most valuable new book I've read this year is Justin Yifu Lin's "The Quest for Prosperity." George Akerlof, a Nobel laureate in economics and a man not given to reckless overstatement, calls it "a masterpiece." I'd say that's right.
Lin is an interesting man. In 1979, as an officer in Taiwan's army on the fast track to the elite, he defected to the People's Republic of China by swimming the channel between a Taiwanese island and Xiamen on the mainland. He continued his studies in economics, became a leading scholar, and was an observer and participant in China's economic miracle. From 2008 until earlier this year, he was the World Bank's chief economist. Today he's back in China, at Peking University.

Lin's book is intellectually ambitious. He sets out to survey the modern history of economic development and distill a practical formula for growing out of poverty. It's a serious undertaking: Lin isn't trying to be another pop economics sensation. But "The Quest for Prosperity" is lightly written and accessible. It weaves in pertinent stories and observations, drawing especially from his travels with the World Bank. He leavens the economics skillfully.
Two Schools
Essentially, he proposes a middle way between two contending schools: structuralism, which emphasizes barriers to development that government intervention is needed to overcome, and the neoclassical approach, which stresses market forces and frowns on industrial planning. He calls his hybrid "new structuralism," suggesting a closer affinity with the first. (That branding is a bit misleading, but I can see that the alternative -- new neoclassicism -- doesn't roll off the tongue.)
Under the banner of the old structuralism, governments in developing countries made huge mistakes in the 1960s and 1970s. The prevailing approach was import-substitution: Develop capital-intensive industries behind tariff barriers to supply domestic consumers. It worked in the sense that many places industrialized quickly, sometimes on a massive scale. For decades the Soviet Union was perceived both as a great success and as a development model. In India, Africa and Latin America, economic planning led the way.
In every case, this approach ran into the ground. One problem was technological backwardness. Isolation from global markets slowed the accumulation of industrial knowledge, so growth in productivity stalled. Another was fiscal stress. Supporting industrial champions required enormous subsidies, and governments lacked the revenue. Support had to be given in other ways -- through overvalued exchange rates (to lower the cost of inputs), price controls, financial repression (forced saving) and administrative direction. These distortions obliterated market signals not just for the favored industries but also across the rest of the economy.
Import-substitution came to be seen as a stunning failure. Especially after the Latin American debt crisis of the early 1980s, the neoclassical consensus and its "structural adjustment" formula took over. Keep government intervention to a minimum, squeeze public spending, free the exchange rate, liberalize finance and foreign trade, and give market forces full rein.
This didn't work either -- at least, not as well as its most enthusiastic advocates had predicted. Growth in many countries stayed slow. Financial crises kept happening. In Africa, countries such as Ghana, once a leader of the import- substitution school, moved abruptly to a market-friendly development strategy. They grew, but still too slowly. Ghana, Lin says, "has not achieved the type of structural transformation that the radical free-market revolution was supposed to bring."
China's Success
Structural transformation, of course, is exactly what China has achieved. Elsewhere Lin has acknowledged that China needs further policy reforms and that all is not well. Yet the country's success of the past several decades is indisputable -- and this is no Soviet-style industrialization mirage. Russian factories sold their output to captive markets. Nobody with a choice ever bought a Soviet-made car or television. China's outward-looking producers are world-class. I'm typing this on a best-of-breed Apple Inc. laptop, manufactured in China.
As I argued in my last column, China is a capitalist country. But how did it get that way?
Lin's answer draws on both development paradigms. He sees a vital role for government in overcoming barriers to development. But interventions, he argues, must respect compelling market realities. Of these, the most important is international comparative advantage. Poor countries have lots of cheap labor. For them, capital-intensive heavy industry isn't the way to go.
For today's developing countries, Lin says, the global economy is the indispensable setting, and looking outward is the sine qua non of rapid development. On the input side, that's because of the opportunity it affords for technologically driven catch-up growth. On the output side, it's because the world is a market for exports. On this view, "export pessimism," the idea that poor countries couldn't prosper through international trade, was one of the biggest mistakes of the import- substitution school. Globalization is the poor's best friend.
Even so, Lin says, rapid growth won't happen spontaneously, merely by letting the market work its magic.
Governments have to identify industries that are trading internationally and doing well elsewhere -- not those based in the most advanced economies (too big a leap) but in countries with incomes roughly double their own. If those industries are getting started at home, help them upgrade their technology. If they aren't, draw in foreign investors. If infrastructure is poor and doing business is difficult, create special economic zones where those problems can be fixed. Recognize that pioneer companies are taking on larger risks and compensate them with temporary tax incentives, co-financing of investments or preferential access to foreign exchange. And don't expect to shut down nonviable producers all at once; that has to be done gradually.
So yes, this is "industrial policy" and "picking winners" --ideas disdained by your typical pro-market type. And I'd say the record justifies a good deal of such skepticism. The book's main weakness is that it understates the political difficulty of delivering support of the kind it advocates: intelligent, measured, time-limited and disciplined in crucial ways by market imperatives.
This isn't just an issue in democracies, by the way. As China itself proves, interests gather around patterns of explicit and implicit subsidy, however well-judged at the outset, and the flexibility demanded by Lin's new structuralism gets ever harder to maintain.
Still, it's hard to quarrel with the results to date, in China most of all, but also in Taiwan, South Korea, Singapore and other rapidly industrializing economies that adopted similar strategies. If you're interested in development, you have to read Lin's book.
(Clive Crook is a Bloomberg View columnist. The opinions expressed are his own.)