The Collapse of Development Planning
This book showcases a diverse range of development experiences in order to ascertain the reasons for this quagmire. Case studies of development planning in China, India, post-WWII Japan, South Korea, Africa, and Eastern Europe, and of foreign aid programs (including the Marshall Plan) illustrate the insights an Austrian approach provides toward an understanding of the failure of government development planning. While economists working within the Austrian tradition have previously addressed development issues, this volume represents the first full-length treatment of the subject from a modern market process perspective. Exploding the hegemony of the traditional development paradigm, The Collapse of Development Planning addresses one of the most pressing issues of international political economy.
Conventional wisdom has it that government management of the economy is the means to transform a backward economy into a dynamic, modern one. Yet, after decades of international aid programs, development planning is today largely perceived as a failure paralyzed by its own bureaucracy and inefficiency. Despite billions of dollars of investment, development successes are few and far between and waste and mismanagement abounds.
Contributors to the Volume
George Ayittey, American University
Wayne T. Brough, Citizens for a Sound Economy, Washington, DC
Young Back Choi, St. John's University
Steven Hanke, Johns Hopkins University
Steve Horwitz, St. Lawrence University
Shyam J. Kamath, California State University, Hayward
Shigeto Naka, Hiroshima City University
David Osterfeld, St. Joseph's College
Manisha Perera, University of Northern Colorado
Jan S. Prybyla, Pennsylvania State University
Ralph Raico, State University College, Buffalo
Parth Shah, University of Michigan, Dearborn
Kurt Schuller, Johns Hopkins University
Kiyokazu Tanaka, Sophia University, Tokyo
Mark Thorton, Auburn University
Table of Contents
12 Money and Capital in Economic Development
13 The Theory of Economic Development and the "European Miracle"
14 The Political Economy of Development in Communist China: China and the Market
15 The Failure of Development Planning in India
16 The Failure of Development Planning in Africa
17 The World Bank and the IMF: Misbegotten Sisters
18 Does Eastern Europe Need a New (Marshall) Plan?
19 Industrial Policy as the Engine of Economic Growth in South Korea: Myth and Reality
10 The Political Economy of Post-World War II Japanese Development: A Rent-Seeking Perspective
11 Privatization and Development: The Case of Sri Lanka
12 Financial Reform and Economic Development: The Currency Board System for Eastern Europe