6/19/2023 0 Comments The bottom billion![]() ![]() Four billion, including those in China and India, live in countries that are developing, indeed quite rapidly. Of the world’s roughly six billion people, one billion live in the rich countries. Hence his recent book, The Bottom Billion, focuses mainly, but not exclusively, on Africa.Ĭollier begins by making distinctions in the developing world. A former director of development research at the World Bank, he is a specialist in the economic plight of Africa. One thinks of the work a few years ago of Hernando de Soto in The Mystery of Capital, which proposed thinking about the slum-dwellers of Latin America as potential entrepreneurs, if only they could access the small capital locked away in their slum dwellings.Ī similarly important contribution has been made by Paul Collier, professor of economics and director of the Centre for the Study of African Economies at Oxford University. ![]() What leads to economic growth? And how can those who are poorest realize the benefits of growth?Įvery few years a book comes along that makes a significant contribution to our thinking about those most important questions. ![]() As interesting as stock market models might be or monetary policy in managing the business cycle, the most fundamental question in economics is that of growth. Development remains the most pressing human question in economics. ![]()
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