Chapter

Capital Accumulation in Economic Development

Yujiro Hayami

in Development Economics

Second edition

Published in print February 2001 | ISBN: 9780199243976
Published online November 2003 | e-ISBN: 9780191596377 | DOI: http://dx.doi.org/10.1093/0199243972.003.0006
 Capital Accumulation in Economic Development

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Reviews theoretical justifications and economic consequences of a development strategy adopted, commonly by newly independent developing countries in a few decades after the Second World War, that advocated maximizing capital accumulation in the industrial sector by means of government planning and command. The general failure of this strategy, which had become evident by the 1980s, produced a conviction that accumulated capital cannot be an effective basis for economic development unless it is combined with appropriate technology and manpower under appropriate institutions.

Keywords: capital accumulation; development models; growth accounting; growth models; planning

Chapter.  14596 words.  Illustrated.

Subjects: Economic Development and Growth

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