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Findings: The Global Economic Landscape

Findings: The Global Economic Landscape

Chapter:
(p.1) Chapter One Findings: The Global Economic Landscape
Source:
The Power of Productivity
Author(s):
William W. Lewis
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226477008.003.0001

This chapter argues that the difference in economic success among countries is not a matter of nature, intellect, or genetics. The problem—and the solution—lies in public policies. But effective policies can be created and implemented only if one truly understands what makes the economies of poor (or rich) nations grow. But even during the 1990s, when development economics seemed most promising, it lacked that understanding. The chapter discusses the failure of development economics; the disparities in wealth among those nations at the peak of the global economic landscape; the McKinsey Global Institute research project; and the importance of productivity and why productivity levels are so different around the world.

Keywords:   economic success, public policy, poverty, poor countries, rich countries, development economics

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