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Manual Rush to Development

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A Gold Rush Theory of Economic Development

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Judged by this index, trade reform performs very poorly: liberalization typically leads to five dollars of income being reshuffled within the economy for every dollar of net efficiency gain. However, when the liberalization is undertaken at a point of deep macroeconomic crisis and in conjunction with stabilization policies, the value of the PCBR index falls dramatically.

The Rush to Development: Economic Change and Political Struggle in South Korea

This explains why trade reform is politically so difficult in normal times, and why times of crisis provide an opportune moment for undertaking structural reforms. The paper concludes by evaluating the sustainability of the reforms of the s. Published: S. Haggard and S.

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Will it Last? Development of the American Economy. Economic Fluctuations and Growth.