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Principles of Economics- Mankiw (5th) 531

Principles of Economics- Mankiw (5th) 531 - CHAPTER 24...

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CHAPTER 24 PRODUCTION AND GROWTH 549 especially important for technological progress. There is no doubt that these issues are among the most important in economics. The success of one generation’s poli- cymakers in learning and heeding the fundamental lessons about economic growth determines what kind of world the next generation will inherit. higher trade barriers; excessive tax rates; lower saving rates; and adverse structural conditions, including an unusu- ally high incidence of inaccessibility to the sea (15 of 53 countries are land- locked). . . . If the policies are largely to blame, why, then, were they adopted? The his- torical origins of Africa’s antimarket ori- entation are not hard to discern. After almost a century of colonial depreda- tions, African nations understandably if erroneously viewed open trade and for- eign capital as a threat to national sover- eignty. As in Sukarno’s Indonesia, Nehru’s India, and Peron’s Argentina, “self sufficiency” and “state leader- ship,” including state ownership of much of industry, became the guideposts of
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