The Challenge of Economic Development

Of the 6 billion people on this planet, perhaps 1 billion live in absolute poverty-barely able to survive from day to day. By contrast, the richest ‘I PCI’ cent, living in the affluent North, garner about 20 percent of world income. What causes the great differences in the wealth of nations? Can the world peacefully survive with poverty in the midst of plenty, with much conspicuous consumption and agricultural surpluses in America alongside starvation and environmental degradation in Africa?What steps can poorer nations take to improve their living standards? What are the responsibilities of affluent countries?

These questions,concerning the obstacles facing developing countries, are among the greatest challenges facing modern economics. It is here that the tools of economics can make the greatest difference to people’s daily lives. It is here that economics can literally.
make the difference between life and death. We begin by describing the characteristics of developing countries and reviewing .some of the key ingredients in the process of economic development, The second part of this chapter examines alternative approaches to economic growth in developing countries, particularly the more successful models in Asia along with the failed communist expetiment in Russia

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