Contemporary Economic Issues in Developing Countries

Book excerpt: Important lessons for policy makers are provided here as contributors evaluate the effectiveness of domestic economic policies and the recommendations of international organizations such as the World Bank regarding the economic development of developing countries. Challenges posed by debt problems, corruption, population dynamics, poverty, and the absence of adequate human and physical capital are highlighted. Contributors cast doubts on the conclusions of the prevailing theories of economic development with patterns of economic change over the course of the 20th century. Their findings point out the issue of inadequate social capability as a critical factor in understanding the lack of economic development in many developing countries. They suggest that contemporary theorizing tends to pinpoint necessary but insufficient conditions for the successful implementation of development strategies in these countries.