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Catch Up: Developing Countries in the World Economy, by Deepak Nayyar
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Catch Up analyzes the evolution of developing countries in the world economy from a long-term historical perspective, from the onset of the second millennium but with a focus on the second half of the twentieth century and the first decade of the twenty-first century. It is perhaps among the first to address this theme on such a wide canvas that spans both time and space. In doing so, it highlights the dominance of what are now developing countries and it traces their decline and fall from 1820 to 1950. The six decades since 1950 have witnessed an increase in the share of developing countries not only in world population and world income, but also in international trade, international investment, industrial production, and manufactured exports which gathered momentum after 1980. This book explores the factors underlying this fall and rise, to discuss the on-going catch up in the world economy driven by industrialization and economic growth. Their impressive performance, disaggregated analysis shows, is characterized by uneven development. There is an exclusion of countries and people from the process. The catch up is concentrated in a few countries. Growth has often not been transformed into meaningful development that improves the wellbeing of people. Yet, the beginnings of a shift in the balance of power in the world economy are discernible. But developing countries can sustain this rise only if they can transform themselves into inclusive societies where economic growth, human development, and social progress move in tandem. Their past could then be a pointer to their future.
- Sales Rank: #4928959 in Books
- Brand: imusti
- Published on: 2016-11-22
- Released on: 2016-11-22
- Original language: English
- Dimensions: 6.10" h x .60" w x 9.10" l, .0 pounds
- Binding: Paperback
- 240 pages
Features
- Oxford University Press USA
Review
"Nayyar comprehensively covers the current state of knowledge on historical trends of economic growth and development, including various associated phenomena such as trade, population growth, and international investment... Nayyar's work can serve as an excellent introduction for undergraduates, or for graduate students approaching the subject for the first time. This comprehensive introduction to the big picture of historical patterns of economic growth is a valuable addition to the literature... Highly recommended." --CHOICE
"This book is a commendable addition, combing historical and economic analysis, to the current debate on the fast geopolitical changes and the development of a multipolar world. It emphasizes convincingly the need for human development and social change in the process of catch up and challenges the reader thereto."
-- Rolph van der Hoeven, Journal of Human Development and Capabilities
"Deepak Nayyar is that rare breed of economist who combines a sharp analytical mind with an appreciation of numbers and a clear understanding of how real economies function in a particular institutional and macroeconomic context. These qualities are on full display in this book, which examines some of the big economic trends that have shaped the world economy over the past two centuries. It is a fast and at times breathtaking ride across a broad expanse of economic history, which is sure to engage and stimulate economists, historians and geographers alike."
-- Richard Kozul-Wright, South Asia Economic Journal
"The book attempts to be simultaneously nation-centric, group of nations-centric and people-centric. It is packed with theory, policy and data, based on which several issues are analysed with broad sweep and outstanding depth. It is not only worth reading but worth possessing as a reference document to guide us in asking the right questions and in providing clues to possible answers, in the field of development economics and public policy"
-- Dr. Y.V. Reddy, former Governor, Reserve Bank of India, Business Standard
"This book will be of interest to anyone interested in the evolution of the world economy. The focus on the role of developing countries in this process provides a new perspective on this important topic. Perhaps the most useful aspect of this book is that it integrates a long history of complex and multifaceted growth experiences across the developing world into a coherent and concise format, making it accessible to a wide audience. Scholars from across the social sciences, policy-makers, students and general readers will all find this book interesting and insightful."
-- Marianne Ward-Peradoza, EH.Net
"The book is truly a guide to policymakers in developing countries. Across the pages, he [Nayyar] has analysed many issues and given out many observations on the ongoing Development Debate."
-- K.Subramanian, The Hindu
"For far too long, the world economic history has been told almost exclusively from the point of view of the rich countries. Nayyars book tells it from the other side, tracing the fall and then the rise of Asia, particularly China and India, and other developing countries over centuries. It is an essential reading for anyone who wants to get a balanced understanding of the history of the world economy. The books narrative is literary and engaging, accessible to everyone, but its content is based on rigorous analyses. Its attention to detail is meticulous. Yet, it offers a breath-taking historical sweep. A masterpiece."
-- Ha-Joon Chang, University of Cambridge, author of Kicking Away the Ladder and 23 Things They Dont Tell You About Capitalism
"This book is a brilliant overview of the role of the developing countries in the world economy as it has evolved over the centuries, focusing first on the Great Divergence and Great Specialization from about 1820 to 1950, and then in much greater detail on the period from 1950 to the present. Nayyar skillfully blends a fascinating narrative of the "Catch Up" process with sharp analytical interpretation and incisive policy critiques to provide a unique assessment of this momentous process in global history and its possible future trajectory. It will be a major reference for both general readers interested in development and globalization as well as specialists in international trade, economic development and economic history, who will all appreciate the wider context into which this book will place their individual research."
-- Ronald Findlay, Professor of Economics, Columbia University, New York
"Deepak Nayyars ambitious and exciting book spans global economic developments over the last two centuries. He shows how the Great Divergence between North and South, resulting from the nineteenth century industrial revolution, was gradually reversed from 1950 as developing country growth rates accelerated. Although the catch-up is uneven across countries and between people, this perceptive and forward looking book offers the alluring prospect of a multi-polar world in the twenty-first century, with power and economic wealth far more evenly distributed across the globe."
-- Frances Stewart, Emeritus Professor of Development Economics, University of Oxford
"Almost unnoticed, we are in the midst of a Great Transformation, from a world in which a disproportionate part of global income accrued to Europe, the US, and a few other countries dotted around the world, to one in which billions of those in the rest are catching up: to a large extent, a restoration of the world as it was in 1820, when Asia had more than 50 per cent of the worlds GDP, before the industrial revolution and colonialism created the imbalanced world that we have come to take for granted. Nayyar analyzes lucidly the ongoing change and discusses forcefully the prospects for this great transformation, how it will be brought about, and what it will imply for the world order which will emerge."
-- Joseph Stiglitz, University Professor, Columbia University, New York, and Nobel Laureate in Economics
"Beginning on a historical note, this book considers the world economy on the cusp of colonialism. The pre-eminence of Asia was then replaced by the advance of the West, often ascribed to its colonization of Asia, Africa and Latin America. The core of the book addresses the question of whether and how the developing world will catch up with the West, which makes a significant contribution to our understanding of the process. Deepak Nayyar's strikingly lucid, lively and insightful discussion of this question will stimulate thinking not only among economists and historians but also among other social scientists and concerned general readers."
-- Romila Thapar, Professor Emeritus, Jawaharlal Nehru University, New Delhi
"This is an excellent book, highly recommended for anyone seeking a sure-handed introduction to the evolution of the North-South divide in econo mic development."
-- Vivek Chibber, EPW
"Catch Up is an important contribution to world economic history and to development studies. It is provocative and illuminating at the same time, and should become essential reading for those interested in understanding the process of economic development in historical terms."
-- Kunal Sen, Pacific Affairs
"Deepak Nayyars important study of the catch-up phenomenon builds on Amsdens message: that there are many nations on the rise ... Nayyar offers detailed data on structural shifts in industrial production and world trade"
-- Sanjaya Baru, The Economics of Multipolarity
About the Author
Deepak Nayyar, Emeritus Professor of Economics, Jawaharlal Nehru University, New Delhi and former Distinguished University Professor of Economics, New School for Social Research, New York
Deepak Nayyar is Professor of Economics at Jawaharlal Nehru University, New Delhi, and Distinguished University Professor of Economics at the New School for Social Research, New York. He has taught at the University of Oxford, the University of Sussex, and the Indian Institute of Management, Calcutta. He was Vice Chancellor of the University of Delhi. He also served as Chief Economic Adviser to the Government of India and Secretary in the Ministry of Finance. He was educated at St. Stephen's College and the Delhi School of Economics. He is an Honorary Fellow of Balliol College, Oxford. Professor Nayyar served as Chairman of the Board of WIDER, Helsinki, and on the Board of Directors of the Social Science Research Council in the United States. He is Vice Chairman of the South Centre, Geneva. His research interests are primarily in the areas of international economics, macroeconomics and development economics.
Most helpful customer reviews
2 of 2 people found the following review helpful.
An almost purely empirical examination of the issue (with practically no theory)
By Yoda
This book presents a large number of empirical observations regarding the gap between the less developed nations and the more developed from 1820 until 2010. Very little is presented, in terms of theory, with respect to explaining the empirical observations. The book, very much, reminds this reviewer of the view put forth, by the imminent economist Richard Schmalonsee, in his chapter in the Handbook of Industrial Organization, in the late 1980s - early 1990s, on the need to uncover "stylized facts" (ie., empirical observations and relationships as opposed to theories). Catch Up does a decent job at uncovering and presenting such "stylized facts" in the area of developmental economics dealing with the relationship between the less and more developed nations. The book is so thick in the presentation of these relationships that text is barely even necessary. One can absorb nearly the entire book by merely looking at the tables and graphs alone. There is barely even a need to read the book's text. Among the more important "stylized facts" the book presents are (this list is by no means all inclusive):
* In the early through mid 1800s the less developed nations accounted for the bulk of the world's estimated GDP. India and China alone accounted for roughly half. This is not a surprise as before the industrial revolution GDP was primarily agricultural and based on craftsman like industries. These, in turn, were highly correlated with population (a fact not mentioned in the book).
* During the above period per capita GDPs worldwide, between the less developed and more developed nations were, more or less, even.
* After the mid-1800s the percentage of world GDP started to shift dramatically from the less developed to more developed nations. This trend hit a peak in approximately 1950 then started to reverse. In the little theory that is presented in the book the author, Dr. Nayyar, attributes this trend to the initial advantages the industrialized nations had in terms of economic efficiency in combination with the fact that many of the less developed nations, especially China and India, were forced to open their markets up to the more leading industrialized nations. Dr. Nayyar also attributes part of the explanation to advances in transport technology and communications technology that facilitated this trade. Dr. Nayyar points out, in support of this view, the fact that Latin America, with the high barriers to trade enacted after its nation states were established, did not suffer the dramatic relative decreases in GDP India and China did. Dr. Nayyar, unfortunately, does not examine how important these different factors were relative to each other in causing the relative decline in aggregate GDP until 1950.
* Per capita GDPs also followed a similar trend.
* After 1950, the less developed nation's percentage of GDP, again in particular India and China, started to increase relative to the developed nations. This relationship was exponential in nature. It started off slowly in in the 1950s increased in the 1960s, started a take-off in the 1980s and then finally exploded in the 1990s and reached the stratosphere, in relative terms, in the 2000s. Unfortunately little theory or other explanation is offered behind this. Could this have been due to the end of colonialism? The drop in tariffs resulting from WTO (and other) trade agreements? What was the importance of foreign investment, both direct and indirect in this relationship? What about the decreasing cost of transportation? What about technologies that enabled the outsourcing of manufacturing from the developed to less developed nations (i.e., information technology)? No explanation whatsoever is provided.
* Inequalities are examined between the less and more developed nations, as a whole. As a whole they decreased but only because of the growth of some outliers such as China and India. If we exclude the best performing LDCs this inequality has barely budged.
* Inequality within the less developed nations has increased dramatically, in much the same way that increased in the more developed during their periods of industrialization from the mid-1850s to the First World War.
The author also provides many other interesting empirical observations that involve too many variables to discuss in this review. Dr. Nayyar is also careful in stressing that quite a bit of the data these observations were based on leave much to be desired thus should be taken with a bit of salt. However, it is still a good starting point. Dr. Nayyar is also careful to point out that the less developed nations are quite heterogeneous. This applies to even the top 14 or so of the most successful. Some were relatively closed (i.e., India) while others very free trade (i.e., Hong Kong, Singapore) while others were neo-mercantilist (i.e., Japan and South Korea). Dr. Nayyar states that they all had, in common, the fact that they had a number of institutions set up that enabled them to develop. However, Dr. Nayyar provides very little discussion and analysis regarding this. This, in this reviewer's opinion, is the most significant weakness of the book.
In conclusion, the book provides many empirical observations that are quite fascinating even though the author does not make a serious attempt to explain them in terms of theory. The empirical data alone, though, makes this book worth reading.
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