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Economic Development, Transition, and New Structural Economics

Justin Lin ()

Chapter 21 in The Palgrave Handbook of Comparative Economics, 2021, pp 545-560 from Springer

Abstract: Abstract Development economics is a new sub-discipline in modern economics. Its first generation, the Structuralism, focused on market failures and advised the government to adopt import-substitution strategy to develop modern industries. Its second generation, the Neoliberalism, focused on government failures and advised the government to implement Washington Consensus reform with a shock therapy to transit to a well-functioning market system. Developing countries, following the Structuralism and Neoliberalism, failed to achieve development and transition successfully. This chapter introduces the third generation of development economics, the New Structural Economics, which emphasizes the endogeneity of structure for countries at different levels of development and provides pragmatic guide to formulate industrial policy for accelerating economic development. This chapter calls for a structural revolution in modern economics.

Keywords: Development; Transition; New Structural Economics; Efficient market; Facilitating state; Industrial policy (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-3-030-50888-3_21

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