Alternative strategies of economic development have received little attention in the literature. Academics rarely compare certain strategic features or assess the performance of different strategies in terms of outcomes. This book seeks to address that gap and to provide a theoretical background to the shift from industry to human capital-intensive services as the engine of economic growth. Pioneering studies reveal interesting trends and patterns that point to the growing importance of intangible capital for the level of GDP. They also indicate a much greater role of economic freedom in bringing about this second great structural change than was the case with industrialization. With this perspective on structural change and the role of freedom, Shortcut or Piecemeal also provides an extensive assessment of four key developing countries: Brazil, Russia, India, and China. Subjects: 1. Central planning—History. 2. Economic development—History
- Cover
- Title page
- Copyright page
- Table of Contents
- List of Figures
- List of Tables
- Introduction
- I. DEVELOPMENTAL STRATEGIES PURSUED OVER THE PAST CENTURY
- Chapter 1. Centrally Planned and Administered Economy and Steep Ascent Strategy: A Complete Failure
- Whence Came the Economic System Considered Here?
- Multiple Distortions Stemming from the Soft Budget Constraint
- Economic Development Strategy under Central Planning
- The World of Make-Believe: Propaganda Image and Reality in the Economic Development of Communist Command Economies
- The “Shortcut” Years Lost in Chasing the Chimera
- Chapter 2. Development Economics-based Strategy in Less Developed Countries: An Incomplete Failure
- The Post-World War II International Landscape and Economic Development
- Whence Came the Body of Thinking Called “Development Economics” And What Kind of Recommendations It Offered?
- Without the Benefit of Hindsight: Some Comments on Development Economics and Pursued Strategy
- From Problems of Economic Growth to Growth of Economic Problems: Inward Orientation in Practice
- Development Economics-based Strategy: Was Inward Orientation Worth the Bother?
- Chapter 3. A Shift Toward Better Understood (and Appreciated) Classical Economic Prescriptions: An Incomplete Success
- Millsian “Conspiring Circumstances” and a Gradual Intellectual Conversion
- Asian “Little Dragons”: Unloved Children of Developmental Success Growing Adverse Consequences of Post-WWII Ideas: The Triumph of “Conspiring Circumstances” from West to South to East
- Growing Adverse Consequences of Post-WWII Ideas: The Triumph of “Conspiring Circumstances” from West to South to East
- Two Cheers for an Open Capitalist Market Economy: Why Is Success Incomplete So Far?
- II. TRANSFORMATIONS OF OUTPUT STRUCTURE IN THE PROCESS OF ECONOMIC DEVELOPMENT
- Chapter 4. Industrialization: The First Major Phase of Structural Transformation
- Introductory Remarks on the Industrialization Literature and Structural Change
- Patterns of Structural Change during the Industrialization Phase
- Amplifications and Corrections of the Standard Patterns Established in the Development Economics Literature: The Impact of Institutions
- Good Institutions: A Closer Look at Economic Freedom
- Chapter 5. The Shift to Human Capital-intensive Market Services: The Second Major Phase of Structural Transformation
- Between Theorizing on Structural Transformation and Alarms on Destructive Deindustrialization
- Determinants of Demand Shift to Market Services
- Commoditization of Manufactures and Changing Competitive Position of Developed Western Countries in the International Economy
- The Intangible Capital: Measurement, Importance, and Association with the Level of Economic Development
- Greater Importance of Institutional Quality in the Second Structural Transformation
- III. APPLYING THE CONCLUSIONS: BRIC COUNTRIES’ DEVELOPMENTAL STRATEGIES
- Chapter 6. Russia and China: Some Historical as well as Performance Similarities (Up to a Point…)
- Russia’s Twists, Turns, and Convulsions
- China’s Convulsions, Failure, Turnaround, and the Glorious Present (But Not Without Question Marks about the Future)
- Chapter 7. India and Brazil: Two Perennial “Great Potentials”
- India, Its Strategies, Half Turns, and (Indeed) Great Potential
- Brazil: A Country Where the Future Has Arrived (Well, Not Quite…)
- Postscript: On Choosing Inefficient Institutions
- Bibliography
- Index
- Back cover
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