Many low-income countries confront the challenge of transforming from an agrarian or resource-based economy to an industrial economy. We can see this in how countries struggle to diversify their exports and sources of public revenues. Nurturing a policy environment for economic transformation - despite the abundance of literature and example for the recent East Asian experience - is often the hardest part of the challenge.
Joining me on today's episode to explore this and many more is economist Pritish Behuria. He is a Professor of Politics, Governance, and Development at the University of Manchester. He has contributed immensely to the study of the political economy of many development policy paradigms like economic transformation, diversification, and import substitution. I started by asking Pritish whether “Leapfrogging” (growth through bypassing manufacturing into services) is a promising idea or a fad.
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THE TRANSFORMATION CHALLENGE