Structural adjustment, governance, economic growth and social progress
This paper analyses the interconnection between social achievement, structural adjustment, governance and economic performance. It does this by developing indices to measure social progress, measured by achievement of the Millennium Development Goals, and structural adjustment, measured by achieving the goals specified in the Washington consensus. These indices are constructed using the technique pioneered by Nagar & Basu, which uses the information contained in the correlation among the different indicators. Governance is measured by an index developed by the World Bank, and economic performance by growth of per capital income. Economic growth is not correlated with social progress, structural adjustment or governance. However, structural adjustment is not inimical to social progress. Furthermore, while the governance index is not correlated with growth of per capita income it is very highly correlated with social progress.
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Volume (Year): 15 (2006)
Issue (Month): 3 ()
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- Hicks, Norman & Streeten, Paul, 1979. "Indicators of development: The search for a basic needs yardstick," World Development, Elsevier, vol. 7(6), pages 567-580, June.