Why am I passionate about this?

As Nobel prize-winning economist Robert Lucas put it, "Once you start thinking about economic growth, it's hard to think about anything else." That's why I am eager to share the best books on economic development with you! I am a Senior Economist at the World Bank, the world's premier development institution. Over the years, I have developed a deep interest in what makes countries prosper, have published extensively on the topic in academic journals, and earned a PhD in Economics along the way. As a development practitioner, I have been supporting sustainable growth across the globe, with working experience in the Caribbean, Africa, and the Pacific. 


I wrote

Retooling Development Aid in the 21st Century: The Importance of Budget Support

By Lodewijk Smets, Shahrokh Fardoust, Stefan G. Koeberle , Moritz Piatti-Funfkirchen , Mark Sundberg

Book cover of Retooling Development Aid in the 21st Century: The Importance of Budget Support

What is my book about?

Global pandemics, climate change, increased inequality, low economic growth, and conflict have made it increasingly difficult for developing countries to…

When you buy books, we may earn a commission that helps keep our lights on (or join the rebellion as a member).

The books I picked & why

Book cover of Gambling on Development: Why Some Countries Win and Others Lose

Lodewijk Smets Why did I love this book?

Stefan Dercon argues that the answer lies not in specific policies but rather in a key ‘development bargain,’ whereby a country’s leaders shift from protecting their own interests to gambling on a growth-based future. Despite its imperfections, China is among the most striking recent success stories, along with Indonesia and Ethiopia.

This book is about these choices, in contrast to countries stuck in a bad equilibrium. I loved the global experience Dercon drew on, ranging from Ebola in Sierra Leone, scandals in Malawi, beer factories in the Congo, mobile phone licenses in Mozambique, and humanitarian aid in Sudan.

By Stefan Dercon,

Why should I read it?

2 authors picked Gambling on Development as one of their favorite books, and they share why you should read it.

What is this book about?

In the last thirty years, the developing world has undergone tremendous changes. Overall, poverty has fallen, people live longer and healthier lives, and economies have been transformed. And yet many countries have simply missed the boat. Why have some countries prospered, while others have failed? Stefan Dercon argues that the answer lies not in a specific set of policies, but rather in a key 'development bargain', whereby a country's elites shift from protecting their own positions to gambling on a growth-based future. Despite the imperfections of such bargains, China is among the most striking recent success stories, along with Indonesia…


Book cover of The Crisis of Democratic Capitalism

Lodewijk Smets Why did I love this book?

After the fall of the Berlin Wall and the collapse of the Soviet Union, the 1990s saw the model of democratic capitalism prevail. Thirty years later, democracy is being questioned, and capitalism has been threatened by growing inequality.

Martin Wolf’s book provides a deep study of the underlying causes of this worrying development, something I very much appreciate. For all its flaws, Wolf argues that democratic capitalism remains the most promising economic model to provide individual freedom and shared prosperity, but it will require a revisiting of the concept of citizenship to foster a shared belief in the common good.

By Martin Wolf,

Why should I read it?

4 authors picked The Crisis of Democratic Capitalism as one of their favorite books, and they share why you should read it.

What is this book about?

From the chief economics commentator of the Financial Times, a magnificent reckoning with how and why the marriage between democracy and capitalism is coming undone, and what can be done to reverse this terrifying dynamic

Martin Wolf has long been one of the wisest voices on global economic issues. He has rarely been called an optimist, yet he has never been as worried as he is today. Liberal democracy is in recession, and authoritarianism is on the rise. The ties that ought to bind open markets to free and fair elections are threatened, even in democracy’s heartlands, the United States…


Book cover of Pillars of Prosperity: The Political Economics of Development Clusters

Lodewijk Smets Why did I love this book?

I found this book to be a brilliant analysis of how nations can achieve peace and development, stressing the importance of political institutions.

With mathematical precision, quite literally, the book nicely illustrates the fundamental drivers of development: inclusive political institutions and a shared belief in the common good. The absence of those elements can explain the existence of very different development clusters in fragile states that are troubled by poverty, violence, and weak state capacity.

I feel the book does an excellent job of disentangling deeper causes from symptoms of underdevelopment.

By Timothy Besley, Torsten Persson,

Why should I read it?

1 author picked Pillars of Prosperity as one of their favorite books, and they share why you should read it.

What is this book about?

"Little else is required to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things." So wrote Adam Smith a quarter of a millennium ago. Using the tools of modern political economics and combining economic theory with a bird's-eye view of the data, this book reinterprets Smith's pillars of prosperity to explain the existence of development clusters - places that tend to combine effective state institutions, the absence of political violence, and high per-capita incomes.…


Book cover of Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty

Lodewijk Smets Why did I love this book?

The book, written in a very accessible manner, helps to understand the constraints the poor face and how they make decisions on matters such as education, healthcare, savings, entrepreneurship, and a variety of other issues.

Duflo and Banerjee, recipients of the Nobel Prize in Economics, advocate for the use of randomized controlled trials and, most importantly, to actually listen to what the poor have to say.

The book won the 2011 Financial Times and Goldman Sachs Business Book of the Year Award. To me, it was an eye-opener and a refreshing way to rethink poverty reduction.

By Abhijit V. Banerjee, Esther Duflo,

Why should I read it?

3 authors picked Poor Economics as one of their favorite books, and they share why you should read it.

What is this book about?

Why do the poor borrow to save? Why do they miss out on free life-saving immunizations, but pay for unnecessary drugs? In Poor Economics , Abhijit V. Banerjee and Esther Duflo, two practical visionaries working toward ending world poverty, answer these questions from the ground. In a book the Wall Street Journal called marvellous, rewarding," the authors tell how the stress of living on less than 99 cents per day encourages the poor to make questionable decisions that feed,not fight,poverty. The result is a radical rethinking of the economics of poverty that offers a ringside view of the lives of…


Book cover of The Journey of Humanity: The Origins of Wealth and Inequality

Lodewijk Smets Why did I love this book?

In a captivating journey from the dawn of human existence to the present, Oded Galor offers a fascinating tale of why some nations have developed while others haven't.

The book explains how technology, family size, and adaptation led to a profound change in human history, with the Industrial Revolution as the turning point. The fundamental forces driving the explosion of per capita prosperity (in some nations) can be traced back to sound political institutions, conducive cultural traits, and an 'optimal' ethnic diversity that followed from the dispersal of modern humans out of Africa some 70,000 years ago.

I was struck by how the author brought together a wide variety of research on growth and development in a coherent framework.

By Oded Galor,

Why should I read it?

2 authors picked The Journey of Humanity as one of their favorite books, and they share why you should read it.

What is this book about?

This breakthrough scientific masterwork - and INTERNATIONAL BESTSELLER - reveals the underlying forces that have shaped human history and will secure our future...

'Masterful. Galor answers the ultimate mystery' Lewis Dartnell

The stunning advances that have transformed human experience in recent centuries are no accident of history - they are the result of universal and timeless forces, operating since the dawn of our species. Drawing on a lifetime's scientific investigation, Oded Galor's ground-breaking new vision overturns a host of long-held assumptions to reveal the deeper causes that have shaped the journey of humanity:

Education rather than industrialisation
Family size and…


Explore my book 😀

Retooling Development Aid in the 21st Century: The Importance of Budget Support

By Lodewijk Smets, Shahrokh Fardoust, Stefan G. Koeberle , Moritz Piatti-Funfkirchen , Mark Sundberg

Book cover of Retooling Development Aid in the 21st Century: The Importance of Budget Support

What is my book about?

Global pandemics, climate change, increased inequality, low economic growth, and conflict have made it increasingly difficult for developing countries to achieve the Sustainable Development Goals.

My book examines the critical role of budget support by aid agencies to address the 21st century's development goals of eliminating poverty and protecting our global commons. Timely and smartly designed budget support remains a powerful tool to help address the new reality developing countries face, providing fast disbursing finance in support of critical reforms.

Book cover of Gambling on Development: Why Some Countries Win and Others Lose
Book cover of The Crisis of Democratic Capitalism
Book cover of Pillars of Prosperity: The Political Economics of Development Clusters

Share your top 3 reads of 2024!

And get a beautiful page showing off your 3 favorite reads.

1,355

readers submitted
so far, will you?

You might also like...

No Average Day: The 24 Hours of October 24, 1944

By Rona Simmons,

Book cover of No Average Day: The 24 Hours of October 24, 1944

Rona Simmons Author Of No Average Day: The 24 Hours of October 24, 1944

New book alert!

Why am I passionate about this?

I come by my interest in history and the years before, during, and after the Second World War honestly. For one thing, both my father and my father-in-law served as pilots in the war, my father a P-38 pilot in North Africa and my father-in-law a B-17 bomber pilot in England. Their histories connect me with a period I think we can still almost reach with our fingertips and one that has had a momentous impact on our lives today. I have taken that interest and passion to discover and write true life stories of the war—focusing on the untold and unheard stories often of the “Average Joe.”

Rona's book list on World War II featuring the average Joe

What is my book about?

October 24, 1944, is not a day of national remembrance. Yet, more Americans serving in World War II perished on that day than on any other single day of the war.

The narrative of No Average Day proceeds hour by hour and incident by incident while focusing its attention on ordinary individuals—clerks, radio operators, cooks, sailors, machinist mates, riflemen, and pilots and their air crews. All were men who chose to serve their country and soon found themselves in a terrifying and otherworldly place.

No Average Day reveals the vastness of the war as it reaches past the beaches in…

No Average Day: The 24 Hours of October 24, 1944

By Rona Simmons,

What is this book about?

October 24, 1944, is not a day of national remembrance. Yet, more Americans serving in World War II perished on that day than on December 7, 1941, when the Japanese attacked Pearl Harbor, or on June 6, 1944, when the Allies stormed the beaches of Normandy, or on any other single day of the war. In its telling of the events of October 24, No Average Day proceeds hour by hour and incident by incident. The book begins with Army Private First-Class Paul Miller's pre-dawn demise in the Sendai #6B Japanese prisoner of war camp. It concludes with the death…


5 book lists we think you will like!

Interested in economic development, poverty, and culture?

Poverty 97 books
Culture 124 books