Development Success: May History Breed Humility

William Easterly

Chapter 3 in Economic Growth with Equity, 2007, pp 44-60 from Palgrave Macmillan

Abstract: Abstract The past quarter-century (not to mention the past half-century) has been a humbling one for advisors striving to discover the secrets to development success. This chapter argues that there are three facts that should prove particularly humbling: (1) the failure of structural adjustment and shock therapy, (2) the rarity of “miracles”, and (3) the homegrown nature of most success stories, with only a limited role for outside advice and foreign aid.2 This chapter reviews these facts, and concludes with some thoughts for policy advisors.

Keywords: Free Market; Success Story; Structural Adjustment; Shock Therapy; Comprehensive Reform (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-80091-5_3

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DOI: 10.1057/9780230800915_3

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