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Development EconomicsFrom the Poverty to the Wealth of Nations$
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Yujiro Hayami and Yoshihisa Godo

Print publication date: 2005

Print ISBN-13: 9780199272709

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199272700.001.0001

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Capital Accumulation in Economic Development

Capital Accumulation in Economic Development

(p.122) 5. Capital Accumulation in Economic Development
Development Economics

Yujiro Hayami

Yoshihisa Godo

Oxford University Press

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, which 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:   Adam Smith, capital accumulation, classical development models, growth accounting, Marx, planning, post-war growth models, Ricardo

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