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Development EconomicsFrom the Poverty to the Wealth of Nations$
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Yujiro Hayami

Print publication date: 2001

Print ISBN-13: 9780199243976

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199243972.001.0001

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Capital Accumulation in Economic Development

Capital Accumulation in Economic Development

Chapter:
(p.119) 5. Capital Accumulation in Economic Development
Source:
Development Economics
Author(s):

Yujiro Hayami

Publisher:
Oxford University Press
DOI:10.1093/0199243972.003.0006

Reviews theoretical justifications and economic consequences of a development strategy adopted, commonly by newly independent developing countries in a few decades after the Second World War, that advocated maximizing capital accumulation in the industrial sector by means of government planning and command. The general failure of this strategy, which had become evident by the 1980s, produced a conviction that accumulated capital cannot be an effective basis for economic development unless it is combined with appropriate technology and manpower under appropriate institutions.

Keywords:   capital accumulation, development models, growth accounting, growth models, planning

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