A Strategy for Development
By N. Stern. 2002
115 citations recorded by the source corpus.
There are two pillars that form the basis of a sound strategy of development. They are the pillars of: 1) creating a good climate for investment and productivity growth, and 2) empowering people including the poor to participate in that growth. It is a strategy for pro-poor growth, or growth in which poor people can participate strongly. The author will examine the key links between investment climate and empowerment as the strategic pillars, and poverty-reducing development as the goal. The strategy for development will sound, very plausible, indeed almost obvious. But this description is fairly new and is not universally accepted. The word 'investment' in the phrase 'investment climate' will evoke memories in some of the development philosophies of the 1950s and 1960s, when the emphasis was on growth through capital accumulation. There was mistrust of the private sector and little mention of entrepreneurship or social inclusion. Thus the challenge of development was seen primarily as creating a surplus or savings to finance accumulation of capital. Since those early days of development economics, author have learned through painful experience that simply accumulating capital does not ensure improvements in material living standards and welfare more broadly.
Subfields: Economics and Econometrics
View Paper: https://www.semanticscholar.org/paper/aa89a4f95074b4cdabb4fdb6ae8047cb4561d273
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In Economics and Econometrics
Citations in the corpus
- Firm‐specific and economy wide determinants of firm profitability: Greek evidence using panel data (2009, background): “These developments led to a sound investment climate, a term that is defined by Stern (2002)”
- Ownership, Investment Climate and Firm Performance: Evidence from Chinese Firms (2006, unknown): “2 It is difficult to define ‘investment climate’ precisely, but Stern (2002b) notes that it is the policy, institutional and behavioural environment, both present and expected, that influences the returns, and risks, associated with investment.”