Fifty Years of Development (.pdf)

This 39-page report was written by Paul Collier, David Dollar, and Nicholas Stern, all of the World Bank. It provides “an interpretative view of the development experiences of the past 50 years,” with a special emphasis on the past ten years. The authors’s analysis of development in the 1990s found, overall, that market-oriented reform worked unreliably and often neglected “the institutional foundations necessary for markets to be effective for poverty reduction. It is not enough to focus attention on ‘getting prices right’; public action is needed to ‘get the markets right’.” The report especially examines development in the Middle East, North Africa, and South Asia. It also looks at financial institutions, public service delivery, and financial sectors.

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