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Hartmut Elsenhans

BRICS or Bust?: Escaping the Middle-Income Trap 1st Edition

Book Summary

Generally, the implementation of developing technologies that the majority of the population can use to improve productivity is key to the continual success of an economy. Western Europe and the United States of America developed an array of technologies that continue to advance their economies beyond middle income and to the top of the income pyramid.

Throughout the 80s and 90s, East Asian countries were growing at a rapid pace, primarily driven by the manufacturing sector and export-led growth. These economies lifted millions of people out of poverty, only to start stalling within the following two decades.

In an interview with Readara, Professors Eisenhans and Babones offer an insightful analysis of the drivers of economic growth in these nations as well as the policies that contributed to their economic success. 

Key Topics

  • Why did many fast-growing East Asian economies begin to slow down?
  • How can government policies direct investment to improve labor productivity?
  • What is the middle income trap and why do countries fall in it?
  • How did manufacturing and export cause economic growth to run out of steam?
  • What did China do right?
  • How can India emulate the success of China?
  • What can Russia do to revive its economic growth?
  • Why are politicians reluctant to implement policies that can change the existing economic order?

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