Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economic Growth - Coggle Diagram
Economic Growth
Rodrik
1950s/60s
"big push," planning, import substitution
1970s
market-oriented views (role of the price system/outward orientation)
1980s
"Washington Consensus," Victorian virtue in economic policy
fiscal displicine
"competitive" currencies
trade/financial liberalization
privitization
deregulation
successful growth strategies
property rights
sound money
fiscal solvency
market-oriented incentives
Japan as a case study
horizontal hierarchy
bureau-pluralism
team-centered work organization
"universal principles" of sound economic management
allocative efficiency
property rights
rule of law
appropriate incentives
social inclusion
appropriate targeting
incentive compatibility
macroeconomic and financial stability
sound money
fiscal solvency
prudential regulation
growth spurts are associated with a narrow range of policy reforms
Sustaining growth is more difficult than igniting it
kickstart growth by removing barriers like gov and market failure
Rostow
traditional society
evolve within limited production functions
technology as a ceiling/limit
power centered around landowners
hierarchy in social structures but room for movement
preconditions for take off
modern science
innovation from discovery
widening of the market
increased specialization
increased global interdependence
enlarged institutions of finance
increased market incentives for new production functions
take-off
Britain first to make the shift in 1783
build up in capital, tech. rev in ag., expansion in imports
nationalism
sustained and resilient
drive to maturity
a society has effectively applied the range of modern technology to the bulk of its resources.
industrial process is differentiated
industries surpassing old ones
increase in urban pop. and white-collar workers
age of high mass consumption
can see econ as set of stages bc there is a rapid growth phase