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New Structural Economics

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dr seema soral says: 11 Jan 2011 12:56

youare right sir but all the efforts are fail when there is corruption ,this is to be removed to get the full benefit ,we should also a big issue which is to be considered .

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About this Event

29 Oct 2010 @ 15:15

About the Event:

 

Justin Yifu Lin's theory of New Structural Economics (NSE) is a framework for rethinking economic development to kickstart growth in the developing world in the wake of the dramatic failure of previous theoretical approaches. At this event, he described how the structuralist approach, dominant in the mid 20th century, was overly focused on market failures. This led to a development strategy focused on import substitution, which failed miserably to capitalise on comparative advantages and to deliver growth. A liberalization perspective, focusing on government failures, then became dominant. This called for rigorous privatization and market discipline in developing economies, a 'one-size-fits-all' approach, which had very mixed results. The World Bank has been busy rethinking the process of economic development – recognising that no one size can fit all, but that export orientation, a market-friendly government, macro stability, and high rates of saving and investment are all crucial prerequisites of sustainable growth.

Dr Lin's NSE provides the theoretical framework for this new approach. The theory posits that each country has its own initial set of 'factor endowments', which determine its optimal industrial structure. By continually upgrading its endowments, a country can steadily upgrade its industrial structure.  Dr. Lin stressed the importance of following comparative advantage at every stage of this process. A 'facilitating state' should carefully coordinate these upgrades by reference to other economies with similar endowments at more advanced stages in their development. A key challenge is therefore how to help governments to play this role in the right way.

About the Speaker:

 

Justin Yifu Lin became Senior Vice President and Chief Economist of the World Bank Group in June 2008, after serving for 15 years as Professor and Founding Director of the China Centre for Economic Research (CCER) at Peking University. He is the author of sixteen books, including “The China Miracle: Development Strategy and Economic Reform”, which has been published in seven languages.

 

 

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