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What Have We Learned About Development?

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journal contribution
posted on 01.05.2012 by Allan Meltzer

In its early years - and for many years after - the main development recommendation of the World Bank was: adopt economic planning. Planning models were used to recommend policies and governments were encouraged to use these tools to choose investments.

The result was bureaucratic centralization of economic decision-making. This may have accorded with widely held views in many developing countries. Particularly in the academic profession, many believed planning was the best way to organize development.

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01/05/2012

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