Economic growth in the third World

Since 1945 there have been an increasing number of studies of the economies of the third world countries in Asia, Africa, and Latin America. Lloyd G. Reynolds now builds on this work to provide the first overview of third world economic growth..

Reynolds begins with a definition of economic growth, dividing it into three phases: the era of extensive growth, during which population and national output increase at about the same rate; the turning point-ten or more years that mark the beginning of a sustained rise in per capita out put; and the era of intensive growth, marked by a continuing rise in per capita output. He then analyzes general issues pertaining to economic growth in the third world. Reynolds explains, for example, the reasons why some countries reached the turning point much earlier than others; the role that was played by colonial rule or its absence, by political leadership, and by opportunities for foreign trade; the factors that enabled certain countries to grow faster than others; and what government can do to promote economic growth.

This book is derived from Reynolds's larger study, Economic Growth in the Third World, 1850-1980, which not only discusses these general issues but also provides individual historical sketches of the larger third world economies. The theoretical chapters from that book are now made available in a more compact and inexpensive volume that should be extremely useful to students in the field.