Why settle for slow growth when you can have fast growth instead? In this publication, Jeffrey Sachs, one of the world's most visible and dynamic economists, offers developing countries a coherent reform strategy to achieve rapid growth.
Sachs illustrates how and why state-led industrialization, once the favored strategy of much of the developing world- including Egypt- evolved as a post-colonial ideology and ultimately proved to be an economic liability that the developing world can no longer afford. By contrasting the performance of closed, state-led economies with open, market-based ones, he argues that state-led industrialization failed to deliver the goods. He identifies the common features of fast-growing economies and plots a course to help Egypt find its own road to sustained economic growth.
Author(s): Jeffrey Sachs