Economic Development: Theory and Policy
Two centuries after the Industrial Revolution, most of the world still has to contend with the daily pain of poverty. This course focuses on the latest thinking about policies to raise the standard of living for 80 percent of the world’s population – the people in less developed countries (LDCs). In organizing the course, the interrelatedness of various materials that deal with analysis, policy implications and the lessons of development experience is emphasized. The contents of the course will be divided into three major parts. In Part I, the concepts and theories of economic development are introduced as a framework for further analysis. Part II sets focal points on sectoral issues. The feasibility and effectiveness of government’s policy instruments are evaluated. Lessons of development experience and theory are integrated in Part III. Timely issues such as comparative economic systems of transitional economies, integration of regional trading blocs, and origins of financial crises are also discussed.