Here are 100 books that Pillars of Prosperity fans have personally recommended if you like
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I am an academic at the University of Oxford who specializes in international political economy, so I study this topic for a living! I am particularly interested in the politics of international cooperation and economic development. Growing up, I traveled extensively in developing countries across Asia and Africa, which inspired in me a deep curiosity about the determinants of sustained economic growth. I also spent much time in Geneva, where my father frequently worked with United Nations agencies. His anecdotes about these institutions each evening made me wonder what caused some of them to perform effectively and others to perform poorly—and how they could be improved.
I have long believed that development economists rely too heavily on reductive formal models that ignore on-the-ground realities and are backed by scant empirical evidence. This book makes a compelling case for observation—particularly in the form of randomized controlled trials that approximate scientific experiments “in the field.”
I admire its rigorous use of the scientific method to critique theoretical approaches that draw much of their legitimacy and influence from technical sophistication and abstraction.
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…
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.
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.
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…
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.
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.
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…
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.
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.
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…
I am an anthropologist of development who has conducted ethnographic research in India, Indonesia, and more recently, Australia. Throughout my career I have grappled with questions of how power works in development, particularly in and through processes of self-making. I seek new theoretical tools to examine these questions, but always grounded in the realities of the everyday. I came of age when post-development critiques were dominant, but both my idealism and cynicism have been tempered by working alongside local development actors. In my work I try to give readers a sympathetic portrait of their lives, beliefs, and hopes, and how these shape practices, relationships, and consequences of ‘development’.
The Will to Improve is most celebrated for its explanation of ‘rendering technical’: the ways complex, political factors contributing to poverty are reduced to those amenable to technical intervention.
But I have found Tania Li’s concept of ‘trustee’ the most useful in my work on local development actors: understanding how they come to take on the role of trustee, their desire to ‘improve’ others, and the prickly subjects that resist their efforts.
Li traces the ‘will to improve’ through 200 years of Indonesian history, but it is most powerfully elucidated through her rich ethnographic description from the province of Sulawesi.
Her analysis weaves together Marx, Foucault, and Gramsci, showing how theory can illuminate description. It is a masterclass in storytelling and the power of theory.
The Will to Improve is a remarkable account of development in action. Focusing on attempts to improve landscapes and livelihoods in Indonesia, Tania Murray Li carefully exposes the practices that enable experts to diagnose problems and devise interventions, and the agency of people whose conduct is targeted for reform. Deftly integrating theory, ethnography, and history, she illuminates the work of colonial officials and missionaries; specialists in agriculture, hygiene, and credit; and political activists with their own schemes for guiding villagers toward better ways of life. She examines donor-funded initiatives that seek to integrate conservation with development through the participation of…
Bill Poorvu is a successful real estate investor and developer who for 35 years headed the real estate program at Harvard Business School, where he taught several generations of students, many of whom went on to become industry leaders. He is also one of the founders of the Baupost Group, a Boston-based investment firm that is considered one of the savviest hedge funds in the world, with some $30 billion in assets under management.
Successful real estate investment and development is in part the result of understanding an economic contextand taking the long view. Toward those ends, there’s no better jumping-off point than Ray Dalio's historical review of the economic “Big Cycle” that has determined the success and failure of nations and economic systems over the past several centuries. And by the way, Ray knows what he’s talking about: his Bridgewater Associates is the world’s largest hedge fund.
“A provocative read...There are few tomes that coherently map such broad economic histories as well as Mr. Dalio’s. Perhaps more unusually, Mr. Dalio has managed to identify metrics from that history that can be applied to understand today.” —Andrew Ross Sorkin, The New York Times
From legendary investor Ray Dalio, author of the #1 New York Times bestseller Principles, who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically…
As host of the Airport Economist TV series I have been to around 60 countries in 5 years and I have always been fascinated by what makes each place tick. I have been curious as to why some countries succeed and others fail, how do businesses operate there and how do the people fare when it comes to elections. I am interested in how egalitarian the place is, how rich are the rich, how do the poor do, is life improving. I am also interested in sport and popular culture and how important it is to the local populace.
This is the best book written on Australian economic history.
How did a convict colony become one of the world’s most prosperous economies and successful democratic societies in just 200 years? McLean takes us methodically through the evidence with a compelling narrative dispelling popular myths along the way.
This book is the first comprehensive account of how Australia attained the world's highest living standards within a few decades of European settlement, and how the nation has sustained an enviable level of income to the present. Why Australia Prospered is a fascinating historical examination of how Australia cultivated and sustained economic growth and success. Beginning with the Aboriginal economy at the end of the eighteenth century, Ian McLean argues that Australia's remarkable prosperity across nearly two centuries was reached and maintained by several shifting factors. These included imperial policies, favorable demographic characteristics, natural resource abundance, institutional adaptability and innovation,…
AO: I have been intrigued by the Adam and smith (a play on Adam Smith’s name due to K. Boulding) of social sciences ever since, as a graduate student, I was given the privilege to teach a history-of-thought course. I found a lot of wisdom in Smith’s works and continue to find it with every new read. BW: I first met Adam Smith when I was studying for my master’s degree in economics almost twenty years ago. Since then, I have enjoyed rereading him, always finding new sources of fascination and insights. For me, Smith's work is endlessly rich and remains astonishingly topical, three centuries after his birth.
Smith is generally considered as the father of economics, laying its foundations in the eighteenth century.
But he can also be an inspiration for rethinking economics (providing more realistic assumptions about human conduct) and laboratory experiments in the twenty-first century, helping us to build a new “Humanomics” (see also McCloskey’s two books on this subject). That’s what Vernon Smith (Nobel Prize in Economics in 2002) and Bart Wilson convincingly argue for in their uncommon and innovative book. Smith is still alive (and well alive) today.
While neo-classical analysis works well for studying impersonal exchange in markets, it fails to explain why people conduct themselves the way they do in their personal relationships with family, neighbors, and friends. In Humanomics, Nobel Prize-winning economist Vernon L. Smith and his long-time co-author Bart J. Wilson bring their study of economics full circle by returning to the founder of modern economics, Adam Smith. Sometime in the last 250 years, economists lost sight of the full range of human feeling, thinking, and knowing in everyday life. Smith and Wilson show how Adam Smith's model of sociality can re-humanize twenty-first century…
I’m a Brazilian economist working in Paris and dedicated to historical scholarship. I have always been deeply impressed by the political weight carried by economic arguments across Latin America. Debates on economic policy are typically contentious everywhere, but in Latin America, your alignment with different traditions of political economy can go a long way to determine your intellectual and political identity. At the same time, our condition as peripheral societies – and hence net importers of ideas from abroad – raises perennial questions about the meaning of a truly Latin American political economy. I hope this list will be a useful entry point for people similarly interested in these problems.
The most recent entry on my list is already a landmark achievement.
Margarita Fajardo’s authoritative monograph places the UN’s Economic Commission for Latin America – the incubator for the cepalinos who successfully challenged the postwar consensus on developmental policy – into the broader geopolitical history of the 20th century. This richly detailed study retraces the emergence of an intellectual and political movement that channeled discontent with the structural biases inherent in the global economic order into a cogent agenda of political economy for the peripheries of capitalism.
It also reveals how the fragmentation of the fragile postwar liberal consensus, in both North and South, eventually pushed this movement toward the high-powered framework of dependency theory, and thence into anti-establishment activism across the world.
How a group of intellectuals and policymakers transformed development economics and gave Latin America a new position in the world.
After the Second World War demolished the old order, a group of economists and policymakers from across Latin America imagined a new global economy and launched an intellectual movement that would eventually capture the world. They charged that the systems of trade and finance that bound the world's nations together were frustrating the economic prospects of Latin America and other regions of the world. Through the UN Economic Commission for Latin America, or CEPAL, the Spanish and Portuguese acronym, cepalinos…
I was initially drawn to economics as a way to understand and address global problems of poverty and hunger, like those I saw in Africa with the Peace Corps and later as a researcher. As my interests broadened toward environmental and other social problems, again I found that economics provides valuable insights about their causes and possible solutions. Economics is unfortunately often misunderstood and defined too narrowly: but as a social science, it encompasses a broad framework to comprehend individuals, families, cities, nations. It encompasses philosophical thought, normative questions, and intangibles like humans’ desire for respect. After decades as an economics professor I still find its insights fascinating and powerful.
The aims of economic development are often said to be higher incomes, industrialization, efficient investment, and poverty alleviation.
Amartya Sen argues for a broader goal: increasing the capability of all human beings to achieve those things that they most value.
Such an agenda implies more ambitious goals for empowering people, especially in poor countries, to begin a process of expanding the real freedoms that people enjoy: education, health care, longevity, and the ability to influence political decisions.
Sen, a Nobel laureate in economics, draws on a lifetime of thought about human predicaments, famines, and poverty, how to define one’s capabilities, and the meaning of one’s ‘standard of living.’
Rather than offering specific recipes, this book provides a provocative framework for thought.
In Development as Freedom Amartya Sen quotes the eighteenth century poet William Cowper on freedom:
Freedom has a thousand charms to show,
That slaves howe'er contented, never know.
Sen explains how in a world of unprecedented increase in overall opulence, millions of people living in rich and poor countries are still unfree. Even if they are not technically slaves, they are denied elementary freedom and remain imprisoned in one way or another by economic poverty, social deprivation, political tyranny or cultural authoritarianism. The main purpose of development is to spread freedom and its 'thousand charms' to the unfree citizens.
