In this important contribution to the understanding of economic development, Pinto draws on his extensive experience as an economist at the World Bank to explain why the macroeconomics and theories about growth typically taught in universities must be modified to account for the practical realities found in most transitioning and developing economies. In particular, economists tend to make highly inaccurate assumptions about conditions in such countries, making it more likely that conventional policy prescriptions will turn out to be ineffective or to have even perverse effects. To make his case, Pinto draws on stories from two transitioning economies, Poland and Russia, and two developing economies, India and Kenya. But he incorporates data and experiences from many other places, offering insights on economic growth and on the influence of both internal and external debt on economic performance during the past two decades.
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