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Structural Transformation and Rural Change Revisited : Challenges for Late Developing Countries in a Globalizing World

Economic integration Trade Foreign direct investments Energy prices Interest rates Inflation Transport Tariffs Economic reform Market liberalizationaggregate demand agricultural protection annual growth barriers to entry bonds business cycle business cycles capital flows capital goods capital inflows capital markets Consumer price index consumers CPI debt developing countries developing country developing regions developing world Development Economics diversification dividends Economic Cooperation economic environment economic instability economic integration exchange rate exchange rates export growth exports external environment external factors financial institutions financial integration financial markets financial sector financial system fiscal pressures Forecasts Free Trade GDP Generalized System of Preferences Global conditions global economy GNP gross debt Gross domestic product growth performance growth prospects growth rates High inflation high premium high unemployment imports income income growth industrial countries inflation inflation performance inflation rates interest rates international experience international markets international trade inventories investment rates labor costs labor force labor market local currency low inflation low interest rates low-income countries macroeconomic policies macroeconomic stability market prices middle-income countries monetary policies monetary policy national accounts Non-OECD countries oil oil exporters oil prices OPEC open economies output growth per capita incomes Policy reforms potential output primary commodities primary products private sector producers product markets production costs production processes productivity Purchasing power Purchasing power parity Real GDP Real interest Real interest rates recession recessions regulatory framework resource allocation savings short-term interest rates structural unemployment technology transfer telecommunications trade barriers trade liberalization trade policies trade volumes transition economies Treasury bills unemployment Uruguay Round world economy World Trade Organization WTO

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Washington, DC: World Bank
Africa | Africa
2013-02-25T18:13:02Z | 2013-02-25T18:13:02Z | 2012-06-18

Structural transformation and rural change revisited challenges for a late developing country in a Globalizing World is an extremely thorough and important contribution to this renewal of structural economics. It significantly improves our understanding of rural economies and structural transformation, and it could not be timelier. With duration of five years (2006-2010), its objective was to analyze the processes of liberalization and economic integration and their impacts on agriculture and the rural sector of developing countries. It also aimed to illustrate the situation of rural economies in terms of income, diversification, and overall transformation. The results obtained make it possible to improve the dialogue between national and international partners and to provide orientations for the agricultural and rural policy debates. Relying on a methodology that articulated micro-data collection with a macro structural perspective, the program conducted extensive fieldwork to investigate livelihood strategies of rural households, and married the results with a thorough understanding of structural change. The book highlights recurring patterns of diversification and specialization along the process of structural transformation. Further, reconnecting with a broader vision, it emphasizes the difficulties faced by late developers, whose economies offer few alternatives for households to diversify. Based on their assessment, the authors draw a series of policy lessons. They rightly point out the importance of states rebuilding their internal capacities to design comprehensive development strategies. These capacities are critical to addressing major constraints, defining priorities, and ensuring adequate sequencing. Above all, they show that for Sub-Saharan Africa, in the coming two decades, a strong reinvestment in agriculture (in addition to seizing opportunities for the development of manufacturing and services) will be the major policy tool for progressively raising income, mitigating risks, and fostering innovation and rural demand, which constitutes the main engine for rural diversification a major step for structural transformation. The authors also stress the role of the state in provisioning public goods, in adequately and carefully designing incentives, and in using the leverage offered by the development of small towns as a critical mechanism for rural change. These are all sensible and useful reminders for the donor community, governments, and local stakeholders, and represent an important contribution to the role of agriculture for development.


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