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Questions of macroeconomic stability and growth are examined, and a number of developing countries from the study addressed in the book are identified, in which growth collapsed during the more turbulent post‐1973 international economic environment. The economic causes of the growth collapses that have occurred in some of the countries are examined, and found to be due to an over‐expansion in public expenditures, linked by and large either to ’big push’‐type investment expenditures, or to unsustainable social expenditures.
Keywords: developing countries; economic growth; investment; investment expenditure; macroeconomics; public expenditure; social expenditure; stability
Chapter. 16328 words. Illustrated.
Subjects: Economic Development and Growth
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