THE WORSE NEWS
It’s Hard to Raise Growth Rates
n 1949, the first World Bank mission to a Third World country headed to Colombia. On its return, it reported: “Only through a generalized attack through the whole economy on education, health, housing, food and productivity can the vicious circle of poverty ... ill health and low productivity be decisively broken. But once the break is made, the process of economic development can become self-generating. . . . [W]ith the knowledge of the underlying facts and economic processes, good planning in setting objectives and allocating resources, and determination in carrying out a program for improvements and reforms, a great deal can be done to improve the economic environment.”1
In 1951, ...