This important book uses the most recent advancements in growth theory and case studies to examine the status of economic and political development at the turn of the 20th century. The book first provides an overview of the process of economic development in light of endogenous growth theory. The authors then explore the sources of economic development in East Asian countries, including the role of capital accumulation, international trade, pre-takeoff conditions and intersectoral relations. Pre war Japan is used as a case study to examine the role of industrial structure in accelerating economic development. The contributors then discuss the implications of economic development for income distribution in labor-absorbing economies and newly industrialized countries as well as examining household income distribution in Taiwan. Inequality is analyzed in the context of a developing country experiencing hyper-inflation. The influence of institutions, such as the Bretton Woods system, on developing countries' growth potential is also examined and case studies of Kenya, Uganda, and Sri Lanka are used to explore the role of politics and conflict in the process of economic development.

The Political Economy of Comparative Development into the 21st Century will be essential reading for scholars of the economics and politics of development.