What’s New in the Sixth Edition?
Part One: Development and Growth
1. Patterns of Development opens with two new vignettes and has been updated with new displays of trends in the structural changes central to the development process.
New chapter 2. Measuring Economic Growth and Development explores different approaches to defining economic development by documenting both the historical record and recent occurrences of economic growth. The chapter introduces the Human Development Index and the Millennium Development Goals, and it considers the strengths and weaknesses of these measures along with more traditional indicators of development.
New chapter 3. Economic Growth: Concepts and Patterns provides substantial data in easy-to-read tables and charts, concentrating on broad trends across regions and time to identify the basic determinants of economic growth and examine current debates over the main drivers of growth.
New chapter 4. Theories of Economic Growth provides a rigorous treatment of growth models, including the basic Harrod-Domar model and the workhorse Solow growth model.
5. States and Markets incorporates new experience with reform in China, Indonesia, Russia, Vietnam, and elsewhere and concludes with new material on the Washington Consensus.
Part Two: Distribution and Human Resources
6. Inequality and Poverty discusses current debates about the relationships between growth, poverty, and inequality—and about the impact of globalization on both poverty and inequality.
7. Population thoroughly updates the discussion on the growth in world population, changes in demographic trends, and the impacts of population and demographic changes on growth and development.
8. Education identifies the revolution in schooling that has taken place over the past three decades, highlighting trends in enrollment patterns, including male/female differences in schooling and learning outcomes. The chapter also introduces the latest experimental evidence on improving school outcomes.
9. Health examines the substantial improvements in human health over the last forty years and the key factors behind those changes.
Part Three: Saving, Investment, and Capital Flows
10. Saving and Resource Mobilization
New chapter 11. Investment, Productivity, and Growth analyzes foreign direct investment in the context of debates on globalization. Further, it explores new data on both the costs to investment and the impact on growth of government bureaucracy, corruption, and regulation.
12. Fiscal Policy
13. Financial Policy
New chapter 14. Foreign Aid offers the most comprehensive and up-to-date treatment of the topic in any undergraduate textbook, reviewing trends in aid, its purposes and rationales, and ongoing debates about aid effectiveness, aid dependency, conditionality, and improving donor practices. This chapter also analyzes the difficulties of strengthening aid programs in the context of a principal-agent framework.
15. Foreign Debt and Financial Crises looks the 1980s debt crises and the current initiatives to forgive the debts of low-income countries, exploring different restructuring options and the reasons that some countries might choose to default on their debts. It also provides updates on the financial crises that plagued Argentina, Brazil, Indonesia, Korea, Russia, Thailand, Turkey, and several other countries.
Part Four: Production and Trade
16. Agriculture
17. Primary Exports
18. Industry
19. Trade and Development has been thoroughly rewritten to introduce more data on trade flows and explore current debates on trade and globalization. There is significant new material on the rise of China and India, the impact of trade protectionism in rich countries on the economies of poor countries, and the current round of trade talks under the auspices of the WTO. The chapter also introduces debates about sweatshops and concerns about a “race to the bottom” in wages and working conditions.
20. Sustainable Development
21. Managing an Open Economy
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