The Economics Book

IN CONTEXT

FOCUS

Growth and development

KEY THINKERS

Paul Rosenstein-Rodan (1902–85)

Walt Rostow (1916–2003)

BEFORE

1837 German economist Friedrich List argues the use of import protection to help establish domestic industry.

AFTER

1953 Estonian economist Ragnar Nurkse proposes the policy of balanced growth for developing countries.

1957 Austrian-Hungarian economist Peter Bauer criticizes the idea of the big push and the orthodoxy of state planning.

One of the central questions for economists is “how did poor nations become rich?” After World War II this question reemerged with new force. The crumbling of colonial empires had spawned young, independent nations ...