There is much discussion about global poverty and the billions of people living with almost nothing. Why is it that governments, development banks, think-tanks, academics, NGOs and many others can't just fix the problem? Why is it that seemingly obvious reforms never happen? Why are prosperity and equity so elusive? Is the current backlash against globalization another show-stopper?
The revised second edition of Economic Development: What Everyone Needs to Know® brings readers right into the trenches of development policies to show what practitioners are actually doing and explains the issues, dilemmas, options, frustrations and opportunities they face, day in and day out. In straightforward language and a question-and-answer format, Marcelo M. Giugale outlines the frontier of the development practice or, as he puts it, "...the point at which knowledge stops and ignorance begins." He takes readers from why it is so difficult to get governments to function, to the basic policies that economies need to work well, the powerful new tools for social assistance, and the challenges of inclusion, education, health, infrastructure, technology, data, and foreign aid.
Giugale gives no definitive, universal answers. They don't really exist. Rather, he highlights what works, what doesn't, and what's promising. Drawing from examples across the world, his overall message is clear: economic development, and the poverty reduction that goes with it, have never been more possible for more countries.
"Marcelo Giugale has written a book with a highly original style: it poses, and then answers, a series of questions, with fascinating examples on every page. Even more remarkable, it lives up to the ambitious goal proclaimed in its title: Economic Development - What Everyone Needs to Know®." - George Akerlof, Nobel Laureate in Economics, 2001
"Giugale has done a favor to all of us. This short and easy-to-read book tackles central questions about economic development, and provides answers based on the latest evidence but that, at the same time, are presented in simple language. If you want to understand why development economics is such a fascinating field, but want to by-pass economists' gobbledygook, read this book; you will enjoy it and learn a lot." - Santiago Levy, Vice-president for Sectors and
Knowledge, Inter-American Development Bank
"Not many societies have managed to flourish. What's holding the rest back? Giugale gives us an insider's view from the very trenches of economic development. In a language that anyone can understand, and with examples that everyone would recognize, he explains why governments are struggling to unlock the forces of widespread prosperity. That is an invaluable contribution, especially for a world that seems to have lost its compass." - Edmund Phelps, Nobel
Laureate in Economics, 2006
"Economists have often done a bad job of explaining their policy views to the people they are trying to serve. As a consequence, policies that make technical sense fail to get popular support. This book provides an excellent bridge to bring readers to the frontier of policy making in economic development." - Dame Nemat Shafik, Director Designate, The London School of Economics
"Don't be fooled by the small size of this book: it is a tour de force and a masterpiece. Beyond its scope, breadth, and depth, it is a remarkable exposé on the state of knowledge on economic development."-Célestin Monga, Vice-President and Chief Economist, African Development Bank