In his book, Poverty and Progress: Realities and Myths about Global Poverty, renowned development economist Deepak Lal draws on 50 years of experience around the globe to describe developing-country realities and rectify misguided notions about economic progress.
Part One of Poverty and Progress assesses poor-country realities by tracking growth through globalization, the rapid rate of change in standard-of-living indicators over the last half century, and in how political economy affects economic growth rates in developing countries.
In Part Two, Lal examines the myths and confusion about poor countries, including calculations that exaggerate the extent of poverty; overstated claims made on behalf of microfinance; the resurrection of discredited theories, such as vicious circles of poverty; and the need for massive foreign aid to save Africa.
Unique among books that have emerged in recent years on world poverty, Poverty and Progress directly confronts intellectual fads of the West and dismantles a wide range of myths that have obscured an astounding achievement: the unprecedented spread of economic progress around the world that is eliminating the scourge of mass poverty.
"This book is a veritable compendium of insights, reflecting the wisdom and experience of the one of the world's most erudite economists. New sources of intellectual stimulation appear at every turn, presented and defended in a direct, energetic style that is a welcome relief for readers of contemporary economics writings."
-Arnold C. Harberger, Professor of Economics, University of California, Los Angeles
"A fascinating analysis and an uplifting prognosis of how people can lift themselves out of poverty."
-Matt Ridley, Author of The Rational Optimist
"Few development economists combine the academic stature, understanding, policy experience, and hands-on familiarity with the challenges of economic development that Deepak Lal has. In this insightful book, Lal takes on both the myths about development and the policy mistakes of the past half century. He argues cogently that globalization, good governance and liberal economic policies have led to phenomenal success in many countries over that time, and that slowly growing countries need to rectify their own economic policies."
-Anne Krueger, Former First Deputy Managing Director of the International Monetary Fund; and Former Vice President for Economics and Research at the World Bank
Deepak (Kumar) Lal (born 1940) is a British economist. He is the James S. Coleman Professor Emeritus of International Development Studies at the University of California at Los Angeles, professor emeritus of political economy at University College London, and a senior fellow at the Cato Institute. He was a member of the Indian Foreign Service (1963-66) and has served as a consultant to the Indian Planning Commission, the World Bank, the Organization for Economic Cooperation and Development, various UN agencies, South Korea, and Sri Lanka. From 1984 to 1987 he was research administrator at the World Bank.
Lal served as President of the Mont Pelerin Society from 2008 to 2010, and currently serves as Senior Vice President.
Deepak Lal received honorary doctorates from the Paul Cezanne University in Aix-en-Provence, France in 2002 and the Pontifica Universidad Catolica del Peru in Lima, Peru in 2010. In 2007, he received the Italian Societa Libers’s International Freedom Prize for Economics.
Lal is the author of a number of books, including The Poverty of Development Economics; The Hindu Equilibrium; Against Dirigisme; The Political Economy of Poverty, Equity and Growth; Unintended Consequences: The Impact of Factor Endowments, Culture, and Politics on Long-Run Economic Performance; and Reviving the Invisible Hand: The Case for Classical Liberalism in the 21st Century.