By M.L. Lakhera
Financial development throughout international locations over the last 30 years or so has displayed 'dual' divergence among built and constructing international locations, and between constructing international locations. The structural transformation has been both sluggish or of an anomalous nature. The examine addresses those and indicates how they could catch-up with constructed international.
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Additional info for Economic Growth in Developing Countries: Structural Transformation, Manufacturing and Transport Infrastructure
1. Whatever be the variant, interaction between government and the institutions in which the government sets up the rules of the game through strengthening competition and the regulatory environment, ensures an efﬁcient functioning of the market categories, improves social convergence, products of a public goods character, a healthy macroeconomic environment, and a sound industrial policy are very basic (see also Amsden, 1989; Balassa, 1981; Blomqvist, 2001; Blomvist and Lundahl, 2002; Burenstam, 1986; Chang and Rowthorn, 1995; Chen, 1979; Martinussen, 1997; North, 1994; Olson, 1982, 1997; Rodrik, 2003; Tullock, 1980).
There are microeconomic cases in which reductions in competitive barriers has led to increased economic efﬁciency. This is so with most developing economies (Cole et al. 2004 for the Latin American economy; also the World Bank’s Doing Business).
This. in a way, brought optimization analysis into the growth model providing for the endogenous determination of the saving rate. The neoclassical growth theory The essence of the neoclassical growth theory pioneered by Robert Solow (1957) is that the potential rate of growth of output – which represents the equilibrium and ‘natural’ rates of growth – is determined exogenously by the rate of growth of the labor force and also technical progress. The focus is on the reconciliation of the actual, equilibrium and ‘natural’ rates of growth.