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Capitalism In Human Scale: Are There "Virtuous Circles" In Economic Growth And Human Development In Achieving A Newly Industrialized Country Status?

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  • Mendis, Patrick
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    Abstract

    The purpose of this paper is two-fold: the first part is to understand the "virtuous circles" of economic growth and human development; the second part is to review the development literature related to this discussion. For this, the evolving development strategies of Sri Lanka and South Korea and the seemingly convergent two schools of thinking are briefly outlined in Section II. Section III surveys the pace of economic and human progress to give a broad background of the debate. Section IV analyzes the economic growth and human development in selected Industrialized Countries, Newly Industrialized Countries (NICs), Emerging NICs, and Aspiring South Asian neighbors of Sri Lanka...In the second part of the paper, a discussion of economic development literature and the experience of NICs are reviewed to learn from their policies and strategies in Section V.

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    Bibliographic Info

    Paper provided by University of Minnesota, Department of Applied Economics in its series Staff Papers with number 13901.

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    Date of creation: 1995
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    Handle: RePEc:ags:umaesp:13901

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    Keywords: International Development;

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    1. Sen, Amartya, 1983. "Development: Which Way Now?," Economic Journal, Royal Economic Society, vol. 93(372), pages 742-62, December.
    2. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    3. Pack, Howard & Westphal, Larry E., 1986. "Industrial strategy and technological change : Theory versus reality," Journal of Development Economics, Elsevier, vol. 22(1), pages 87-128, June.
    4. Peterson, Willis, 1989. "Rates of Return on Capital: An International Comparison," Kyklos, Wiley Blackwell, vol. 42(2), pages 203-17.
    5. Sen, Amartya, 1981. "Public Action and the Quality of Life in Developing Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 43(4), pages 287-319, November.
    6. Bhagwati, Jagdish N., 1988. "Poverty and public policy," World Development, Elsevier, vol. 16(5), pages 539-555, May.
    7. Rajapatirana, Sarath, 1988. "Foreign trade and economic development: Sri Lanka's experience," World Development, Elsevier, vol. 16(10), pages 1143-1157, October.
    8. Caldwell, John & Gajanayake, Indra & Caldwell, Pat & Peiris, Indrani, 1989. "Sensitization to illness and the risk of death: An explanation for Sri Lanka's approach to good health for all," Social Science & Medicine, Elsevier, vol. 28(4), pages 365-379, January.
    9. Summers, Lawrence H & Thomas, Vinod, 1993. "Recent Lessons of Development," World Bank Research Observer, World Bank Group, vol. 8(2), pages 241-54, July.
    10. Ahluwalia, Montek S., 1976. "Inequality, poverty and development," Journal of Development Economics, Elsevier, vol. 3(4), pages 307-342, December.
    11. Ruttan, Vernon W, 1988. "Cultural Endowments and Economic Development: What Can We Learn from Anthropology?," Economic Development and Cultural Change, University of Chicago Press, vol. 36(3), pages S247-71, Supplemen.
    12. Ahluwalia, Montek S. & Carter, Nicholas G. & Chenery, Hollis B., 1979. "Growth and poverty in developing countries," Journal of Development Economics, Elsevier, vol. 6(3), pages 299-341, August.
    13. Mendis, Patrick, 1992. "The Political Economy Of Poverty Alleviation In Developing Countries: Is Sri Lanka Really An Exception?," Staff Papers 14052, University of Minnesota, Department of Applied Economics.
    14. Willis Peterson, 1994. "Overinvestment in Public Sector Capital," Cato Journal, Cato Journal, Cato Institute, vol. 14(1), pages 65-73, Spring/Su.
    15. Ruttan, Vernon W., 1995. "Cultural endowments and economic development: Implications for the Chinese economies," China Economic Review, Elsevier, vol. 6(1), pages 91-104.
    16. Bhalla, Surjit S & Glewwe, Paul, 1986. "Growth and Equity in Developing Countries: A Reinterpretation of the Sri Lankan Experience," World Bank Economic Review, World Bank Group, vol. 1(1), pages 35-63, September.
    17. Streeten, Paul & Burki, Shahid Javed, 1978. "Basic needs: Some issues," World Development, Elsevier, vol. 6(3), pages 411-421, March.
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