Economic Policy

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By Murat Yülek

This booklet discusses nationwide improvement making plans within the context of a globalized global economic system. nationwide financial improvement making plans, the method of defining strategic financial pursuits for a rustic and designing guidelines and institutional frameworks to achieve them, was once renowned in lots of nations within the Nineteen Sixties and Seventies. over the years it misplaced its charm. extra lately, with globalization accelerating and fiscal festival expanding, it's making a return in numerous international locations below assorted varieties. nationwide making plans during this new period is assorted than the sooner quantitative making plans methods. It employs diverse instruments, akin to strategic visions and motion plans, revived types of actual infrastructure making plans, commercial coverage, and cluster coverage. equipped at the study of overseas students with firsthand wisdom of the international locations in query, this quantity provides and evaluates present nationwide making plans innovations and coverage around the globe. it will likely be of curiosity to either academicians who examine and educate globalization and improvement in addition to coverage makers who may perhaps use it as a reference as they think of their very own strategies.

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32 Another line of thought can be traced to Gerschenkron (1962) and Johnson (1982). Gerschenkron argued for concentrated government effort to accelerate economic development in developing countries. Although concentration of resources does not necessarily require planning, state-led development aims at transforming the economy over a longer term, which would call for some kind of planning. Johnson, among others, extended a similar concept under the term “developmental state,” and argued for a state structure organized to implement a transformation of the economy towards developmental objectives.

First of all, it is not easy to separate and measure the effects of planning from those of other domestic and international policies35 on an economy. As Baum and Tolbert (1985) emphasize, it is easy to attribute high performance to an economic plan when things are going well for reasons other than the plan itself. Conversely, when things are going badly, the assessment of an otherwise “good” plan may go sour. Moreover, some of the poor performance of planning may have resulted from a poor selection of accompanying policies.

In less abstract form, economic development may be defined as the process by which a traditional society employing primitive techniques and therefore capable of sustaining only a modest level of per capita income is transformed into a modern, high-technology, high-income economy (Rostow 1961). The process involves the replacement of labor-intensive subsistence production by techniques that use capital, skilled labor and scientific know-how to produce a variety of different products consumed in an affluent society.

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