Prescription for Success
Peter A. Garretson
TURNAROUND: THIRD WORLD LESSONS FOR FIRST WORLD GROWTH by T.C.A. Srinivasa-Raghavan Basic Books, 2013, 220 pp., $26.99
August 2013, volume 37, No 8

Other things being the same, does economic success, like lightning, strike countries randomly? Or can the probability of being struck by it be significantly enhanced by governments? Peter Blair Henry, Dean of the Stern School of Business in New York, says yes, it can. His prescription for success is simple, old as the hills and eternally valid: discipline in policies. And, although he doesn’t mention it explicitly, one must assume he means consistency as well.

For a modern economist, Henry writes with surprising lucidity. And not only does he give a sensible message, he also provides a panoramic view of global experiences. Even better, the whole thing is garnished with a sprinkling of the current thinking on the subject. For that reason alone, the book should be made compulsory reading for all politicians in developing countries. They can appear well read and well-informed on TV chat shows.

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