Economic development and the "old" international order

by Charles Wolf, Jr.

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Addresses the issue of the remarkable record of a small number of less-developed countries (the so-called Newly Industrialized Countries--especially Korea, Brazil, Taiwan, and Singapore) in realizing sustained economic development in the past decade. The record of the NICs in the past decade plainly suggests that dramatic and sustained economic development can be accomplished in the "old" international economic order. Moreover, by examing this record, and by comparing it with the largely disappointing experience of most of the other non-OPEC developing countries, some lessons can be learned that may assist these countries to improve their own performance in the future. The lessons include the role of markets, the avoidance of hyperinflation, capital inflow, and technology import.

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