The fifth edition of The Process of Economic Development offers a thorough and up-to-date treatment of development economics. It has been extensively revised throughout, reflecting the most recent developments in research and incorporating the latest empirical data, as well as key theoretical advances and many new topics. The world has seen vast economic growth in China, economic transformation in India, new challenges in Latin America, rapid economic progress in Southeast Asia, and the deepening impact of environmental issues such as climate change. This new edition addresses all these critical issues as well as the pivotal role of the state, where China’s capacity is contrasted with that of African states.
Transnational corporations’ reliance on low-wage manufacturing and labor arbitrage is featured in the book. Agricultural policy—extensively explored—remains crucial, as does the promotion of industrialization. This fifth edition offers a ‘state-of-the-art’ analysis of these essential themes and many others. Numerous case studies and issue focuses have been integrated with sundry central topics. Neoclassical theories and applications, including a timely exploration of behavioral economics, are both rigorously and accessibly explicated.
Cypher’s comprehensive account remains the development economics text par excellence, as it takes a much more practical, hands-on view of the issues facing the developing countries than other, overly mathematical texts. This book is unique in its scope and in the detailed attention it gives to a vast range of ideas, including pioneering developmentalist and heterodox formulations. Distinct institutional structures are examined within their historical contexts.
This landmark text will continue to be an invaluable resource for students, teachers, and researchers in the fields of development economics and development studies.
Table of Contents
Part 1: An overview of economic development
1. The Development Imperative
2. Measuring economic growth and development
3. Development in historical perspective
Part 2: Theories of development and underdevelopment
4. Classical political economy and beyond
5. Developmentalist theories of economic development
6. Heterodox theories of economic development
Part 3: The structural transformation
7. The state as a potential agent of transformation: From neoliberalism to embedded autonomy
8. Contemporary perspectives and new strategies for development
9. The initial structural transformation: Initiating the industrialization process
10. Strategy switching and industrial transformation
11. Agriculture and development
12. Population, education, and human capital
13. Technology and development
Part 4: Problems and Issues
14. Transnational corporations and economic development
15. Managing the Foreign Account: Balance of payments issues and beyond
16. International institutional linkages: The International Monetary Fund, the World Bank, and foreign aid
James M. Cypher is Emeritus Research Professor at the Universidad Autónoma de Zacatecas, Mexico, and Emeritus Professor of Economics at California State University, Fresno, USA.
Praise for the 4th edition:
'The Process of Economic Development has been an excellent text and resource for development studies and economic development students for many years. The new fourth edition of this book continues to provide these important educational services in a relevant and scholarly manner, while effectively keeping up with the evolving research literatures of the field' — Kenneth A. Reinert, George Mason University, USA
Praise for the 5th edition:
'Over the years development texts tend to narrowly focus on the latest fashion of economists which is currently and problematically focused on altering individual behavior through experimental trials. In contrast, James Cypher’s volumes including his 5th edition focus on education not inculcation by drawing on the depth and richness of multiple paradigms and experiences to address the complex challenges of development.' - Howard Stein, Development Economist, Professor, Department of Afroamerican and African Studies, Dept. of Epidemiology, University of Michigan, Ann Arbor