BRICS or Bust?:Escaping the Middle-Income Trap
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.