This paper explores a number of key issues in Development Economics which should be central concerns of contemporary development debates but which rarely attract the attention they deserve. It argues that there were fundamental insights in much of the early theoretical work of the 'first...

Abstract There is an evident global imbalance puzzle: debt levels in developed countries are continuing to expand despite their huge size whereas the size of foreign exchange reserves held by developing countries continues to grow. This paper argues that this pattern of global imbalances is a...