This book analyzes the development of economic events in Japan, China, the NICs, Russia, Germany, Britain, and the United States of America during the second half of the twentieth century in an effort to uncover the variables that were determinant for the generation of economic growth. After analyzing numerous economic and non-economic variables, the author manages to identify a common denominator that was always present when there was growth and absent when there was stagnation. A strong causality linkage is established between this common denominator and growth. The book also demonstrates how this common set of variables can be easily manipulated by government policy in order to deliver fast and sustained economic growth. The book concludes with a clear set of macroeconomic policies for the attainment of fast, non-inflationary growth in developing countries, middle-income nations, transition economies, and developed countries.
Despite its unorthodox position, the book endorses free trade, privatization, liberalization, fiscal rectitude, low inflation, central bank independence, proper governance, protection of the environment, and better income distribution. With this approach, the book offers a fresh new look on the problem of growth and offers hope that economic science will finally provide governments with an effective policy tool for the elimination of poverty and unemployment.
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