Capital Accumulation in Economic Development

Yujiro Hayami and Yoshihisa Godo

in Development Economics

Third edition

Published in print February 2005 | ISBN: 9780199272709
Published online October 2005 | e-ISBN: 9780191602870 | DOI:
 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, which 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: Adam Smith; capital accumulation; classical development models; growth accounting; Marx; planning; post-war growth models; Ricardo

Chapter.  15869 words.  Illustrated.

Subjects: Economic Development and Growth

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