Reliving the 50 s : the Big Push , Poverty Traps , and Takeoffs in Economic Development

  title={Reliving the 50 s : the Big Push , Poverty Traps , and Takeoffs in Economic Development},
  author={William R. Easterly},
The classic narrative of economic development -poor countries are caught in poverty traps, out of which they need a Big Push involving increased investment, leading to a takeoff in per capita income -has been very influential in foreign aid debates since the 1950s. This was the original justification for foreign aid. The narrative lost credibility for a while but has made a big comeback in the new millennium. Once again it is invoked as a rationale for large foreign aid programs. This paper… CONTINUE READING
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