Economic Development

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This best-selling text maintains its unique problem- and policy-oriented approach to development economics, now extensively revised to reflect the latest research and data. The fifth edition is the most comprehensive and current in its field, featuring a new chapter that links environmental issues with development challenges. It addresses critical issues of the 1990s, including the economic transitions in the former USSR and Eastern Europe, the crisis in sub-Saharan Africa, and the effects of globalization. The edition includes eighteen new country-specific case studies and four comparative case studies, enhancing its practical relevance. It offers extensive new analysis on topics such as women and development, the new growth theory, the U.N.'s Human Development Index, macroeconomic instability, and the evolving debt crisis. The text explores how the burden of adjustment is shared between lenders and borrowers, the implications of emerging regional trading blocs, and the transformation of multinational corporations into "global factories." Additionally, it discusses market reforms, the role of the state, emerging financial systems, and military expenditures' impact on economic development. A casebook, written by Stephen C. Smith of George Washington University, is also available to complement the text.