Money and Capital in Economic Development

by Ronald I. McKinnon

Book Overview

"This books presents a theory of economic development very different from the ""stages of growth"" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 0815756143
• ISBN13: 9780815756149
• Release Date: January 1973
• Publisher: Brookings Institution
• Length: 184 Pages
• Weight: 1.08 lbs.

Customer Reviews

Outstanding work of scholarship

This book, together with Shaw's, puts forth the idea that subsidized interest rates do not help in economic development, mainly because they bias the economy towards choosing not the most rentable projects, but the best political positioned. At the time it was published, this was absolutely in contradiction with development economics. Even today it is not widely accepted by policy-makers. It is essential reading in the literature of financial liberalization, as perhaps its seminal work.