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Why Did the Poorest Countries Fail to Catch Up?

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Abstract:

Despite the promises made by globalization, in the last twenty years the world's poorest countries have fallen further behind the rich. In a new Carnegie Paper, Branko Milanovic debunks current development theories that explain why poorer countries have not reaped the rewards of global economic integration. Using statistical analysis, Milanovic finds that the higher likelihood of poor countries to be involved in wars and civil conflicts is the most important determinant for their lack of growth while, surprisingly, the effects of domestic reforms or international lending were minimal.

Why Did the Poorest Countries Fail to Catch Up? reaches surprising and valuable conclusions about the effects of globalization on those who feel it most.