By W. Arthur Lewis
Constructing nations' economists and civil servants will locate no different instruction manual on their activity so readable and succinct"The Economist "probably the main beneficial ebook which has ever been written to teach how a plan is made and what the coverage necessities are for its implementation"International Affairs Many books were released at the conception of financial improvement, yet little or no has seemed on how a improvement Plan is made, what the manager snags are and what distinguishes solid making plans from undesirable. The emphasis during the publication is on coverage, even if the elemental options for creating a Plan are illustrated. a lot info is tabulated for ease of interpreting.
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Additional resources for Development Planning (Routledge Library Editions-Economics, 5)
Example text
The demand for these is limited in the developed world; and there is in any case no reason why the growth rate of the underdeveloped countries should be tied to the growth of demand for their products in developed countries. If the underdeveloped can achieve among themselves balanced growth of their manufactures, minerals and agriculture, their rate of growth will not be tied to exports to the developed world. Most underdeveloped countries are small enough to be able to sell all they want to in the world market without affecting prices adversely.
3. At the next level high growth rates are possible without relying on exports, by reducing the propensity to import (import substitution). However, the limits to industrialization for the home market are reached quickly if there is no simultaneous breakthrough in agriculture, to absorb the increased output of manufactures and meet the demand for food and raw materials. 4. The main obstacle to agricultural improvement is inadequate effort by Governments; the means to success are well known. 5. Given the propensity to import, the rate of growth of exports may become the brake on the rate of growth of output.
If a country has some monopoly power in markets where it buys or sells, an increase in its prices relatively to those of its customers will not necessarily diminish its net profit from trading, since what it loses in volume it may more than make up in improved terms of trade. Most underdeveloped countries are not in this position. The prices they receive for exports or pay for imports are determined in world markets where their participation is relatively small. Whether they devalue or appreciate their currencies, world prices remain the same, and so their terms of trade remain the same.