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The Quest for Prosperity: How Developing Economies Can Take Off, by Justin Yifu Lin
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How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. In The Quest for Prosperity, Justin Yifu Lin--the first non-Westerner to be chief economist of the World Bank--focuses on what developing nations can do to help themselves. Lin examines how the countries that have succeeded in developing their own economies have actually done it. Interwoven with insights, observations, and stories from Lin's travels as chief economist of the World Bank and his reflections on China's rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.
- Sales Rank: #1044494 in Books
- Published on: 2014-10-12
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .94" w x 5.52" l, .0 pounds
- Binding: Paperback
- 360 pages
Review
"Lin, the chief economist and senior vice president for the World Bank from 2008 to 2012, tackles prevailing shibboleths in this provocative and challenging work. . . . While there is no easy answer to these problems, Lin's reminder that such development is not a 'zero-sum game' suggests that his thoughtful study should resonate among international audiences."--Publishers Weekly
"[A] brilliant survey of economic thought on the subject, from Adam Smith through Solow-Swan to Michael Spence's Growth Commission. Thousands of authoritative-sounding economic history essays will be written on the back of it by students smart enough to read it before their professors do. . . . [A]s an accessible summary of how the World Bank . . . thinks about development these days, The Quest for Prosperity is hard to beat. It will quickly find its way on to the course reading lists for development economics master's programmes."--Howard Davies, Times Higher Education
"Justin Lin, the Chinese economist who was, until recently, chief economist of the World Bank, has written a book that is as remarkable as it is ambitious: its aim is to show the route to economic development. This is ambitious, because it has been the holy grail of economics since its inception. It is remarkable, because he largely succeeds. One does not have to accept everything Lin argues to recognise that he has made an invaluable contribution. . . . Moreover, the book is also excellently written. A book on a subject of the highest importance, which is intelligent, original, practical and thought-provoking, deserves indeed to be read."--Martin Wolf, Financial Times
"In this book, Justin Yifu Lin, the World Bank's first non-western chief economist, offers a fascinating overview of development thinking since the Second World War."--Lisa Moyle, Financial World
"Here, Lin, a former chief economist and senior vice president of the World Bank, explains here in detail the model he created there for developing economies to achieve success and sustainability. . . . The book is well organized and thus it is easy for readers to find information discussed throughout the book as a whole. Lin's use of history and popular culture metaphors make complex economic concepts more accessible to lay readers, especially in his analysis of global economics."--Library Journal
"The most valuable new book I've read this year is Justin Yifu Lin's The Quest for Prosperity. . . . Lin's book is intellectually ambitious. He sets out to survey the modern history of economic development and distill a practical formula for growing out of poverty. It's a serious undertaking: Lin isn't trying to be another pop economics sensation. But The Quest for Prosperity is lightly written and accessible. It weaves in pertinent stories and observations, drawing especially from his travels with the World Bank. He leavens the economics skillfully."--Clive Crook, Bloomberg News
"Lin . . . makes a case for what he calls a 'new structuralist' approach to economic development. Drawing on the experience of many countries, especially China, he argues for an active role for government in fostering development, not only through the traditional provision of infrastructure and the enforcement of rules but also in identifying and supporting industries that contribute to growth. . . . Lin presents a thought-provoking argument."--Foreign Affairs
"The book is peppered with deep insights from economic thought, practical wisdom, and personal experience, and is easily accessible to policy makers, business leaders, and undergraduates studying development economics."--Choice
"[T]his is indeed a stimulating volume, clearly indicating the author's extraordinary command of the development literature and his equally extraordinary level of motivation in making his case."--Gustav Ranis, Journal of Economic Literature
"The Quest for Prosperity is an interesting and enjoyable read."--Mukti P. Upadhyay, European Journal of Developmental Research
From the Back Cover
"This is a must-read for anyone interested in the emerging consensus on development policy. Justin Yifu Lin makes a powerful case for a 'new structural economics' grounded in a very persuasive analysis of the evolution of ideas in economics. It will resonate especially well with practitioners familiar with the practical constraints of policymaking in developing countries."--Montek Ahluwalia, deputy chairman of the Planning Commission of the Republic of India
"In this masterpiece, Justin Yifu Lin weaves together 250 years of economic thought with his own wisdom acquired during China's economic rise. He dares to envision the end of world poverty and spells out--thoughtfully, sensibly, and pragmatically--how this can be accomplished. It is impossible for an economist to write a better, or a more important, book."--George A. Akerlof, Nobel Laureate in Economics
"Combining valuable insights from his experience in China, his time as the World Bank's chief economist, and the 2008 financial crisis, Justin Yifu Lin's recommendations for development policy reflect an impressive and unique personal journey."--Kemal Dervis, vice president of the Brookings Institution and former executive head of the UN Development Programme
"The Quest for Prosperity is an important book. Written with verve and clarity, it reflects a deep understanding of global economic issues, and proposes practical solutions that anyone concerned with the plight of the world's poor would be wise to read."--Robert Fogel, Nobel Laureate in Economics
"Justin Yifu Lin's life journey has been one of discovery driven by insatiable curiosity. His invaluable contributions to economic theory and policy in these turbulent times are distinctive because of the sharpness of his observations, his willingness to rigorously test a hypothesis, and his courage to posit emerging views. The Quest for Prosperity builds on his already substantial contribution to development economics. It is a must-read for all policymakers and students."--Trevor Manuel, minister in the presidency of the National Planning Commission of South Africa
"Justin Yifu Lin lays out an innovative framework for understanding the mystery of economic growth, drawing insightful conclusions about the experience of successful economies that should provide important inspiration to developing countries as they seek to expand their comparative advantages and design their own growth strategies."--Ngozi Okonjo-Iweala, finance minister of Nigeria
"Justin Yifu Lin cracks the code of economic development in this extraordinary tour de force--offering a rare combination of personal experience, rigorous analysis, and empirical investigation. His powerful recipe will become an enduring feature of future development efforts."--Stephen S. Roach, former chairman of Morgan Stanley Asia and author of The Next Asia
"Part personal narrative, part sophisticated economic analysis, this important book offers a new approach for accelerating economic development around the world. Justin Yifu Lin's exceptional grounding in Chinese realities and Chicago economics, as well as his extensive experience, shine throughout."--Dani Rodrik, author of The Globalization Paradox: Democracy and the Future of the World Economy
"This is a truly exciting book. Speaking directly to the reader and quoting Lewis Carroll as easily as Simon Kuznets, Justin Yifu Lin proposes a new approach to development economics that makes great sense."--Thomas C. Schelling, Nobel Laureate in Economics
"This book is a tour de force: a seminal contribution to development studies that is engagingly, even entertainingly written. Lin uses words, not statistics, to carry his arguments; and he illuminates abstract ideas with the dicta of people as diverse as Winston Churchill, Deng Xiaoping, and Mick Jagger."--Robert Wade, London School of Economics and Political Science
About the Author
Justin Yifu Lin is founding director and professor at the China Centre for Economic Research at Peking University. From 2008 to 2012, he served as chief economist and senior vice president of the World Bank. His many books include Demystifying the Chinese Economy and Economic Development and Transition. He is a corresponding fellow of the British Academy, and a fellow of the World Academy of Sciences for the Developing World.
Most helpful customer reviews
15 of 15 people found the following review helpful.
Bloomberg View
By life-long student
[...]
An Economics Masterpiece You Should Be Reading Now
By Clive Crook Dec 18, 2012 5:52 PM ET
The most valuable new book I've read this year is Justin Yifu Lin's "The Quest for Prosperity." George Akerlof, a Nobel laureate in economics and a man not given to reckless overstatement, calls it "a masterpiece." I'd say that's right.
Lin is an interesting man. In 1979, as an officer in Taiwan's army on the fast track to the elite, he defected to the People's Republic of China by swimming the channel between a Taiwanese island and Xiamen on the mainland. He continued his studies in economics, became a leading scholar, and was an observer and participant in China's economic miracle. From 2008 until earlier this year, he was the World Bank's chief economist. Today he's back in China, at Peking University.
Lin's book is intellectually ambitious. He sets out to survey the modern history of economic development and distill a practical formula for growing out of poverty. It's a serious undertaking: Lin isn't trying to be another pop economics sensation. But "The Quest for Prosperity" is lightly written and accessible. It weaves in pertinent stories and observations, drawing especially from his travels with the World Bank. He leavens the economics skillfully.
Two Schools
Essentially, he proposes a middle way between two contending schools: structuralism, which emphasizes barriers to development that government intervention is needed to overcome, and the neoclassical approach, which stresses market forces and frowns on industrial planning. He calls his hybrid "new structuralism," suggesting a closer affinity with the first. (That branding is a bit misleading, but I can see that the alternative -- new neoclassicism -- doesn't roll off the tongue.)
Under the banner of the old structuralism, governments in developing countries made huge mistakes in the 1960s and 1970s. The prevailing approach was import-substitution: Develop capital-intensive industries behind tariff barriers to supply domestic consumers. It worked in the sense that many places industrialized quickly, sometimes on a massive scale. For decades the Soviet Union was perceived both as a great success and as a development model. In India, Africa and Latin America, economic planning led the way.
In every case, this approach ran into the ground. One problem was technological backwardness. Isolation from global markets slowed the accumulation of industrial knowledge, so growth in productivity stalled. Another was fiscal stress. Supporting industrial champions required enormous subsidies, and governments lacked the revenue. Support had to be given in other ways -- through overvalued exchange rates (to lower the cost of inputs), price controls, financial repression (forced saving) and administrative direction. These distortions obliterated market signals not just for the favored industries but also across the rest of the economy.
Import-substitution came to be seen as a stunning failure. Especially after the Latin American debt crisis of the early 1980s, the neoclassical consensus and its "structural adjustment" formula took over. Keep government intervention to a minimum, squeeze public spending, free the exchange rate, liberalize finance and foreign trade, and give market forces full rein.
This didn't work either -- at least, not as well as its most enthusiastic advocates had predicted. Growth in many countries stayed slow. Financial crises kept happening. In Africa, countries such as Ghana, once a leader of the import- substitution school, moved abruptly to a market-friendly development strategy. They grew, but still too slowly. Ghana, Lin says, "has not achieved the type of structural transformation that the radical free-market revolution was supposed to bring."
China's Success
Structural transformation, of course, is exactly what China has achieved. Elsewhere Lin has acknowledged that China needs further policy reforms and that all is not well. Yet the country's success of the past several decades is indisputable -- and this is no Soviet-style industrialization mirage. Russian factories sold their output to captive markets. Nobody with a choice ever bought a Soviet-made car or television. China's outward-looking producers are world-class. I'm typing this on a best-of-breed Apple Inc. laptop, manufactured in China.
As I argued in my last column, China is a capitalist country. But how did it get that way?
Lin's answer draws on both development paradigms. He sees a vital role for government in overcoming barriers to development. But interventions, he argues, must respect compelling market realities. Of these, the most important is international comparative advantage. Poor countries have lots of cheap labor. For them, capital-intensive heavy industry isn't the way to go.
For today's developing countries, Lin says, the global economy is the indispensable setting, and looking outward is the sine qua non of rapid development. On the input side, that's because of the opportunity it affords for technologically driven catch-up growth. On the output side, it's because the world is a market for exports. On this view, "export pessimism," the idea that poor countries couldn't prosper through international trade, was one of the biggest mistakes of the import- substitution school. Globalization is the poor's best friend.
Even so, Lin says, rapid growth won't happen spontaneously, merely by letting the market work its magic.
Governments have to identify industries that are trading internationally and doing well elsewhere -- not those based in the most advanced economies (too big a leap) but in countries with incomes roughly double their own. If those industries are getting started at home, help them upgrade their technology. If they aren't, draw in foreign investors. If infrastructure is poor and doing business is difficult, create special economic zones where those problems can be fixed. Recognize that pioneer companies are taking on larger risks and compensate them with temporary tax incentives, co-financing of investments or preferential access to foreign exchange. And don't expect to shut down nonviable producers all at once; that has to be done gradually.
So yes, this is "industrial policy" and "picking winners" --ideas disdained by your typical pro-market type. And I'd say the record justifies a good deal of such skepticism. The book's main weakness is that it understates the political difficulty of delivering support of the kind it advocates: intelligent, measured, time-limited and disciplined in crucial ways by market imperatives.
This isn't just an issue in democracies, by the way. As China itself proves, interests gather around patterns of explicit and implicit subsidy, however well-judged at the outset, and the flexibility demanded by Lin's new structuralism gets ever harder to maintain.
Still, it's hard to quarrel with the results to date, in China most of all, but also in Taiwan, South Korea, Singapore and other rapidly industrializing economies that adopted similar strategies. If you're interested in development, you have to read Lin's book.
(Clive Crook is a Bloomberg View columnist. The opinions expressed are his own.)
3 of 3 people found the following review helpful.
If it were so easy...
By Amazon Customer
In his book Lin makes an unabashed and convincing case for industrial policy under the title of "New Structural Policy". It is an extremely readable (if sometimes repetitive) book that summarizes neatly the past and current development debate. I found the chapter on the "Middle Income Trap" particularly interesting. There are some minor points where I would take issue with Lin, for example when he counts Belarus among the successful transitions in the 1990s (p. 190) or when he praises Indonesia's revival of the pulp and paper industry (p. 172) without a sentence on the prize to the environment. My main point, however, is the neglect of the political economy of change. If it were just an issue of reading the right academic books and papers to develop successfully, there would not have been only 13 successful growth stories over the last 50 years included in the Growth Commission's report (the jury on Vietnam and India is still out!). It seems a bit naive to assume that all heads of state, prime ministers, central bank governors and government officials are just looking for the right policy template to pursue the economics of dignity for their country and its population. Motivations are more complex and the political process is more difficult and prone to unwanted outcomes than that. Alas, not all politicians see good policies as the way to stay in power or have good names in history (p. 250)...
8 of 10 people found the following review helpful.
Challenging and Thought-Provoking
By Sara Brighton
In this tour the force, Justin Yifu Lin distills all the lessons he has learned from his first-hand experience of the Taiwanese and Chinese Miracle, providing for the first time a "can do" interpretation of Asian's experiences. No doubt this book will generate a much needed controversy on the role of the State in development.
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