Development: one size does not fit all


Huge sums of money and countless hours have been spent by development agencies to eliminate poverty; however, the results have been less than hoped for. Many specific development programs including microfinance and import substitution have gone through periods of being fashionable, although the results of these programs have been either limited or negative. Yet, there have been many recent stories of economic growth and poverty reduction. These examples of poverty reduction have happened in a variety of different contexts but also have some common features. Most studies of economic development and poverty reduction focus on macroeconomic policies, but it is proposed economic growth and poverty ...

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