Economics in Action: Ideas, Institutions, Policies

People in the US and people in the world generally have a golden opportunity ahead. The simultaneous emergence of a technological and a political revolution offers the possibility of an enormous and widely distributed explosion in world trade and world output - if advantage is taken of the new oppor...

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Bibliographic Details
Published in:The American economic review 1995-05, Vol.85 (2), p.1-8
Main Author: Shultz, George P.
Format: Article
Language:English
Subjects:
Bretton Woods system
Economic conditions
Economic development
Economic forecasts
Economic policy
Economic thought
Economics
Financial investments
Institutions
International economics
International financial institutions
International trade
Investors
LDCs
Richard T. Ely Lecture
Trade
Trade agreements
World Bank
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Summary:People in the US and people in the world generally have a golden opportunity ahead. The simultaneous emergence of a technological and a political revolution offers the possibility of an enormous and widely distributed explosion in world trade and world output - if advantage is taken of the new opportunities. One can expect to see relatively rapid rates of growth in many less-developed countries, as they employ their resources more effectively and make use of existing technology. This will produce a tendency toward convergence in economic capability on a world scale. These promising prospects come from the validation and acceptance of ideas about what it takes for economic development to take off. The common denominator identified among countries with economic success stories is that they have found their way to economic policies that use the marketplace, that use incentives, that emphasize enterprise, that have some recognition in one way or another of private property, that are basically open to the global economy, and that have managed to exercise reasonable budgetary and especially monetary discipline.
ISSN:0002-8282
1944-7981