Rethinking development policy: What remains of structural transformation?
Manoj Atolia (),
Prakash Loungani (),
Milton Marquis and
Chris Papageorgiou ()
World Development, 2020, vol. 128, issue C
This paper takes a fresh look at the current theories of structural transformation and the role of private and public fundamentals in the process. It summarizes some representative past and current experiences of various countries vis-a-vis structural transformation with a focus on the roles of manufacturing, policy, and the changing nature of global production in shaping the trajectory of structural transformation. The salient aspects of the current debate on premature deindustrialization and its relation to a middle-income trap are described as they relate to the path of structural transformation. Conclusions are drawn regarding prospective future paths for structural transformation and development policies as well as for the need for further empirical analysis to inform our current understanding of the process of economic development.
Keywords: Development policies; Structural transformation; Premature deindustrialization; Middle-income trap; Push and pull factors; Growth diagnostics; Africa; Ghana; Viet Nam (search for similar items in EconPapers)
JEL-codes: O11 O20 O43 O50 O55 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:wdevel:v:128:y:2020:i:c:s0305750x19304838
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