The Quest for Prosperity: How Developing Economies Can Take Off

by Justin Yifu Lin, Fleet Cooper (Narrator)

How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin--the first non-Westerner to be chief economist of the World Bank - focuses on what developing nations can do to help themselves.Since the end of the Second World War, prescriptions for economic growth have come and gone. Often motivated more by ideology than practicality, these blueprints have had mixed success on the ground.

Drawing lessons from history, economic analysis, and practice, Lin examines how the countries that have succeeded in developing their own economies have actually done it. He shows that economic development is a process of continuous technological innovation, industrial upgrading, and structural change driven by how countries harness their land, labor, capital, and infrastructure. Countries need to identify and facilitate the development of those industries where they have a comparative advantage - where they can produce products most effectively - and use them as a basis for development. At the same time, states need to recognize the power of markets, limiting the role of government to allow firms to flourish and lead the process of technological innovation and industrial upgrading. By following this "new structural economics" framework, Lin shows how even the poorest nations can grow at eight percent or more continuously for several decades, significantly reduce poverty, and become middle- or even high-income countries in the span of one or two generations.Interwoven with insights, observations, and stories from Lin's travels as chief economist of the World Bank and his reflections on China's rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.

Genres: Economics, Economic Development

Audible Audio

First published January 1, 2012

About the author

Justin Yifu Lin is a Chinese economist and former Chief Economist and Senior Vice President of the World Bank.

Reviews

[202 unknown · Rating 4 out of 5]

Tựa Việt: Cuộc truy cầu sự thịnh vượng

Khá khoai sắn, nhức đầu với một dân đen ngốc nghếch kinh tế như em haha

nhưng sẽ kiểu, bạn có lợi thế gì thì bắt đầu từ đó đã, đừng vội nhảy lên các level cao, nhà nước giúp đỡ và hỗ trợ tạo điều kiện cho doanh nghiệp - không làm gì hay pick winners đều cực đoan và sai, và leo dần dần lên các level cao hơn, các ngành công nghiệp cao hơn, leo dần đừng nhảy cóc, tích lũy vốn, kiến thức, kỹ năng, kinh nghiệm trong quá trình đó dần dần

[Akshita Nanda · Rating 5 out of 5]

This appears to be the common thinking on how developing countries can move towards middle income status. The trick is of course moving out of it. I'm still thinking about how relevant this model will be in a time of decreasing resources and increasing environmental awareness. Also, the need to rethink growth in terms of equity, rather than production.

[Jack Janzen · Rating 3 out of 5]

`Mr. Lin makes many good practical points for countries in setting an economic development program. A point he hammers on again and again is for countries to assess their endowments , their advantages, and then pursue areas for which they have a comparative advantage. Add to this the key point is that trade is essential since no one country has advantages in all areas. This is especially true for underdeveloped countries which may only have a few comparative advantages upon which to build on.

Written in 2012, before Xi came to power, the book does not reflect the bitter geopolitics that has arisen since that time. I fear that geopolitics has come to the fore and has overshadowed economic development in many parts of the world. Thus the quest for prosperity has taken a back seat to power politics worldwide.

It is my understanding, based on a statement from a China expert, that Mr. Lin is currently an influential economic advisor in China. And in that role he measures economic progress somewhat differently than Western economists. But that is not covered in this book.

[Luis · Rating 5 out of 5]

Presenta de forma sencilla la "nueva economía estructuralista" (mezcla de economía neoclásica, teoría clásica del desarrollo económico y el estructuralismo clásico) que es el marco teórico a partir del cual el autor propone analizar los problemas del desarrollo. Lo más encomiable del libro es la explicación de este marco teórico y de como hacerle operativo para la toma decisiones de política pública. Sin embargo, en algunas partes el autor se equivoca en la descripción que hace del pensamiento estructuralista o de sus recomendaciones de política. Independientemente de si se esté de acuerdo o no con el autor, es un libro que los interesados en política industrial deben leer.

[Joshua · Rating 3 out of 5]

The writing style leaves something to be desired, but that's not what you're here for. The discussion is not at all technical and is clearly aimed at a popular audience of interested laymen, which is a great target for this sort of non-fiction.

The principal difficulty I had with the work was the obviousness of its advice: Developing countries should copy successful, more advanced economies. Fundamentally, I was hoping for something a little more, well, new.

[Bredo Erichsen · Rating 4 out of 5]

After some pages I am a bit fed up of the use of "I....". Hope the content is good iven if the guy are most interested in telling about himself.