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Development Success: May History Breed Humility

In: Economic Growth with Equity

Author

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  • William Easterly

Abstract

The past quarter-century (not to mention the past half-century) has been a humbling one for advisors striving to discover the secrets to development success. This chapter argues that there are three facts that should prove particularly humbling: (1) the failure of structural adjustment and shock therapy, (2) the rarity of “miracles”, and (3) the homegrown nature of most success stories, with only a limited role for outside advice and foreign aid.2 This chapter reviews these facts, and concludes with some thoughts for policy advisors.

Suggested Citation

  • William Easterly, 2007. "Development Success: May History Breed Humility," Palgrave Macmillan Books, in: Ricardo Ffrench-Davis & José Luis Machinea (ed.), Economic Growth with Equity, chapter 3, pages 44-60, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-80091-5_3
    DOI: 10.1057/9780230800915_3
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