This Best-Selling text retains the unique problem- and policy-oriented approach to development economics found in its earlier editions. Now extensively revised and updated to reflect the latest research and the most recent data, Economic Development, Fifth Edition, is the most comprehensive, current text in its field. This edition features a new chapter linking the environment and development problems; a new chapter describing critical issues for the 1990s including the economic transition taking place in the republics of the former USSR and eastern Europe, the economic crisis in sub-Saharan Africa, and the impact of the globalization of the world economy; eighteen new country-specific case studies - one at the end of each chapter, and four new comparative case studies - one at the end of each part; extensive new analysis on critical topics such as women and development, the new growth theory, the U.N.'s new Human Development Index, macroeconomic instability, the future of the debt problem and how the burden of adjustment has been handled between lenders and borrowers, the implications of emerging new regional trading blocs, and the transformation of multinational corporations into "global factories"; new discussion of market reforms and the role of the state, emerging financial systems and the costs and benefits of market liberalization, and an analysis of the impact of military expenditures on economic development; and a casebook, keyed to the text - written by Stephen C. Smith, George Washington University - is available.
Michael P. Todaro was Professor of Economics at New York University for eighteen years and Senior Associate at the Population Council for twenty years. He lived and taught in Africa for six years. He appears in Who's Who in Economics and Economists of the Twentieth Century. He is also the author of eight books and more than fifty professional articles. In a special February 2011 centenary edition, the American Economic Review selected Todaro’s article “Migration, Unemployment and Development: A 2-Sector Analysis” (with J. Harris) as one of the twenty most important articles published by that journal during the first one hundred years of its existence.
Stephen C. Smith is Director of the Institute for International Economic Policy and Professor of Economics and International Affairs at George Washington University. He received his PhD in economics from Cornell University. Smith is author of Ending Global Poverty: A Guide to What Works, co-editor of NGOs and the Millennium Development Goals: Citizen Action to Reduce Poverty, and author or coauthor of some three dozen journal articles.
Part 1: Principles and Concepts
Chapter 1: Introducing Economic Development: A Global Perspective
Chapter 2: Comparative Economic Development
Chapter 3: Classic Theories of Economic Growth and Development
Chapter 4: Contemporary Models of Development and Underdevelopment Part 2: Problems and Policies: Domestic
Chapter 5: Poverty, Inequality, and Development
Chapter 6: Population Growth and Economic Development: Causes, Consequences, and Controversies
Chapter 7: Urbanization and Rural-Urban Migration: Theory and Policy
Chapter 8: Human Capital: Education and Health in Economic Development
Chapter 9: Agricultural Transformation and Rural Development
Chapter 10: The Environment and Development
Chapter 11: Development Policymaking and the Roles of Market, State, and Civil Society Part 3: Problems and Policies: International and Macro
Chapter 12: International Trade Theory and Development Strategy
Chapter 13: Balance of Payments, Debt, Financial Crises, and Stabilization Policies
Chapter 14: Foreign Finance, Investment, and Aid: Controversies and Opportunities
Chapter 15: Finance and Fiscal Policy for Development