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Escape from Empire: The Developing World's Journey Through Heaven and Hell.

Publication: Journal of Economic Issues
Publication Date: 01-DEC-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Escape from Empire: The Developing World's Journey Through Heaven and Hell.(Book review)

Article Excerpt
Escape from Empire: The Developing World's Journey Through Heaven and Hell, by Alice H. Amsden. Cambridge, MA: MIT Press. 2007. ISBN 262 01234 / 978 262 01234 8, $27.50. 197 pages.

In her brief, engaging essay, Alice H. Amsden sketches the puzzling performance of development among Third World countries since World War II (WWII). Amsden divides the period into the "First American Empire" (1946 to the end of the Vietnam War) and the "Second American Empire" (mid-1970s to the present). The quarter century after the end of World War II (First American Empire) was an extraordinary period of growth for many of the poorer countries of the world.

After the first energy-shock (in 1973-74) until the present (Second American Empire), the picture has been very mixed with many of the less economically developed countries performing much more poorly in terms of growth in income per capita. A number of countries--such as Mexico--experienced "lost decades" with zero growth. Argentina and...

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